The Central Bank of Nigeria (CBN) in its bid to ensure the continuous circulation of banknotes that are of good quality has issued out punishments for the abuse of the naira notes.
The CBN, therefore, defines an abused or a mutilated naira to be a note of poor quality requiring a special observation before its value can be determined.
The apex bank said an abused banknote could be one that is partially/permanent damaged by fire, water, dye, insects, rodents or one destroyed by natural disasters.
The central bank, however, added that it and all deposit money banks shall continue to receive abused or torn naira notes from the public.
CBN roles out what can be considered to be an abuse to the naira notes:
3. Stapling the naira.
4.Tearing or making hole of any kind.
5. Spraying, soiling or marching.
As punishments, offenders shall be liable to a fine of fifty thousand naira or six months imprisonment or both under the provision of Section 21 of the CBN Act 20.
The CBN gave full details on what should be considered as unfit notes, saying a naira note is considered unfit when:
1. It is badly soiled or there is a general distribution/localization of dirt.
2. It presents a limp/rag appearance due to excessive folding that results in the breakdown of the texture and structure of the note.
3. It has added image or lettering marked on it.
4. There is a hole that is more than 10mm.
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Recall that Legit.ng earlier reported that the CBN recognised the fact that a large portion of the N7.9 trillion pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines and will be withdrawn.
It was also reported that the apex bank noted this in a statement by its deputy governor of operations, Folashodun Shonubi, and director of currency operations department, Pricilla Eleje.
The officials said the bank has the obligation of providing clean notes to the people. CBN Governor Godwin Emefiele is due in Lagos tomorrow to launch “The clean note policy and banknote fitness guidelines” as the apex bank said this was a step to address this issue.
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