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CBN To Explore Ways To Recycle Bad Naira Notes



Daniel Ojukwu

The Central Bank of Nigeria has said that it is exploring partnerships with private firms to begin recycling bad naira notes.

It said this in a notice titled “Request for Proposal for the Recycling of Paper Banknote Wastes”.

The bank said 100 tonnes of bad notes were generated weekly and destroyed through open-air burning at its disposal centres across the country.

It said it was considering the alternatives as open-air burning was harmful to the environment.

Destruction of bad notes is carried out by the CBN in a strict security and environmentally sustainable manner.

The notice reads, “The banknotes disposal operation is presently carried out in 12 disposal centres across the country weekly where about 100 tonnes of paper banknote wastes are generated.

“These wastes are destroyed through open-air burning in sites owned by the bank or rented, usually from the respective State Governments.

“Paper banknote wastes disposal by open-air burning impacts negatively on the environment thereby causing pollution and health hazards.

“The Central Bank of Nigeria in pursuance of its sustainability initiatives has reviewed the current method of banknote wastes disposal through open-air burning with the aim of adopting more environmentally sustainable method thereby reducing its carbon footprints.”

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