Report banks rejecting dirty naira notes - CBN tells Nigerians
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Report banks rejecting dirty naira notes - CBN tells Nigerians

- Nigerians have been urged to report banks rejecting dirty or defaced naira notes

- The directive was given on Tuesday, April 30, by the Central Bank of Nigeria

- The CBN said the Clean Note Policy and Banknote Fitness Guidelines will also be made available to aid bank customers to know when any lender is not complying and needs to be sanctioned

The Central Bank of Nigeria (CBN) on Tuesday, April 30, called on all Nigerians to report any commercial bank rejecting dirty, defaced or mutilated naira notes.

The apex bank during the launch of the Clean Note Policy and Banknote Fitness Guidelines in Lagos said it will also make public the guidelines on clean note policy to banks.

Speaking at the event, the director of currency operations department of the CBN, Priscilla Eleje, said the guidelines will also be made available to aid bank customers to know when any lender is not complying and needs to be sanctioned.

She said the regulator will regularly carry out spot checks on bank branches, based on complaints from customers, which will serve as guide on where to go.

“Complaints from customers on any bank not accepting dirty notes will serve as a trigger for the CBN to know where to go and penalty for defaulting banks," Eleje said.

The director noted that there should also be a banner in every banking hall for customers to understand the Note Policy and Banknote Fitness Guidelines and their rights as stipulated in it,” she said.

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Eleje noted that the CBN is planning mobile courts to try currency counterfeiters to serve as a deterrent to others.

She said the CBN will continue to sensitize the public on the basic security features of the notes, the dangers of sale of the naira, and proper handling habits of the banknotes by the public.

Meanwhile, Legit.ng previously reported that the 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.

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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.

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Source: Legit

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