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CBN Tells Nigerian Bank Users To Reject Dirty Naira Notes

The Central Bank of Nigeria (CBN) has urged Nigerian bank customers to demand new naira notes from their respective banks and reject dirty ones.

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Speaking in an interview with NAN in Lagos State on Thursday, Isaac Okorafor, CBN spokesman, said commercial banks are sabotaging its effort in replacing mutilated notes with new ones.

Okorafor said the apex bank is aware of the development and has taken several measures in addressing the issue of mutilated notes in the circulation.

“The [central] bank has already taken the new measure to Kano, Kaduna and Abuja and also intends to bring it to the south,” he said.

He advised customers to start rejecting the dirty notes from banks, saying they have the right to demand for new Naira notes from banks.

According to him, one of the steps taken to mop up the mutilated notes from the system was reduction in the amount CBN charges banks for sorting the dirty notes for clean ones from N12,000 to N1,000 per box.

Another measure, he said, was the reduction in charges for the commercial banks which lasted for three months from January 2 to March 28 was to encourage them to bring back more dirty notes.

According to him, the charges were raised to N2,000 per box after the March 28 deadline.

He explained that the opportunity was limited to lower denomination naira notes comprising N50, N20 N10 notes.

Mr Okorafor noted that the CBN also adopted the option of withdrawing the unfit notes from circulations rather than depending on the commercial banks, adding that the bank is now engaging various market associations to encourage traders change genuine dirty notes for new ones at no cost to the trader.

He said the issue was giving leadership of the apex bank serious concerns, but assured that it would soon become a thing of the past.

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