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Banks Persuade Customers To Return Mutilated Naira Notes Before Deadline

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Experts, Stakeholders Fault New CBN Cashless Policy

Following a directive from Central Bank of Nigeria (CBN), banks operating in the country have continued to urge customers to return mutilated naira notes before the September 2 deadline.

The apex bank had given banks between June 3rd and September 2nd to return all mutilated naira notes at their disposal for re-issue.

The regulator had since last year been engaging with banks to withdraw the mutilated currency notes in circulation for destruction.

Specifically, Guaranty Trust Bank Plc (GTBank) in a mail to customers said, the policy by CBN is to improve on the overall quality of the Naira noted in circulation,

According to GTBank statement, “As part of its efforts to improve the overall quality of the Naira notes in circulation, the CBN has introduced the Clean Note Policy and Banknotes Fitness Guidelines.

“If you have in your possession, overused or mutilated Naira notes, you are required by the CBN Clean Note Policy to deposit such notes at any branch near you on or before Monday, September 2, 2019.”

The lender noted that, “Please note that overused notes include any Naira note that is now weak to such an extent that it could easily tear at further handling or processing. Mutilated notes include any Naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.”

The statement from GTBank to customers added that, “as Nigerians, it is our patriotic and collective responsibility to handle the Naira with care, and as your Bank, we urge you to comply with this directive in order to improve the quality of our national currency.”

However, the director corporate communications department, CBN, Isaac Okorafor, said, “We are telling customers including labour to return all the dirty notes to their banks and the banks will bring those notes to us for re-issue and that if any bank is refusing to take those notes, they should call us and we will take action on that.”

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