CBN withdraws bad notes from circulation.

All deposit money banks, microfinance banks and other cash handlers were asked to follow the guidelines on banknotes fitness published by the Central Bank of Nigeria. All unfit notes should be sent to its coffers for destruction or recycling, indicated CBN. These guidelines’ directive issued by the Currency Operations Department of the CBN was co-signed by Mrs.Priscilla E.Eleje,Director, currency operation department and Mr.Fola Shodun A Shonubi, Deputy Governor, operations.

These guidelines, among other things promise quality standards and guidelines for banknotes production and re-circulation and the process of removal of unfit banknotes in circulation.

 All major cash handlers, should be checked in the course of withdrawal to ensure the quality of bank notes. All are advised to adhere strictly to the provisions of guidelines as appropriate sanctions would be attracted on violation.

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