The Central Bank of Nigeria (CBN) has released a new directive on the nation’s currency and how none, no matter their condition should be rejected by commercial banks. The apex bank on Friday, July 5 via its Twitter account, asked customers to report any bank which refuses to collect torn notes from them.
CBN went ahead to show how serious they are with the new directive and added a contact line that customers could call whenever the situation happens.
The central bank tweeted:
Recall that Legit.ng earlier reported that 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pieces of naira notes in circulation are dirty, mutilated, unfit for Automated Teller Machines (ATTM) and will be withdrawn.
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. The clean note policy provides a uniform standard for the circulation of only clean and fit banknotes; while the banknote fitness guidelines provide the industry with clear and acceptable criteria for determining the quality of notes in circulation.
Legit.ng also gathered that in its bid to ensure the continuous circulation of banknotes that are of good quality, CBN 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.
(Legit.ng)