Apex bank to unveil frameworks on clean, fit bank notes

The Central Bank of Nigeria (CBN) would be taking its campaign for clean and fit banknotes a notch higher with the launch of the Clean Note Policy and Banknote Fitness Guidelines.

The documents would be unveiled by CBN Governor, Godwin Emefiele, in Lagos, tomorrow at Eko Hotel & Suite, Victoria Island, in consort with key industry stakeholders.

The move is in furtherance of its mandate to ensure the management of the country’s legal tender and the recirculation of clean, fit and high quality banknotes to the general public.

According to the bank, the Clean Note policy provides a uniform standard for the circulation of only clean and fit banknotes in Nigeria; while the Banknote Fitness Guidelines provide the industry with clear and acceptable criteria for determining the quality of banknote in circulation.

“These documents were developed after extensive collaboration and engagements with key industry stakeholders under the auspices of the Nigerian Cash Management Scheme, a Bankers’ Committee initiative.

“The intention of the bank is to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria. This is pursuant to Section 18,20 & 21 of the CBN Act 2007, which prohibits the counterfeiting, sale and abuse of the Naira,” a statement from the bank noted.

The apex bank noted that it will not achieve these objectives without the collaboration of Deposit Money Banks, Merchant Banks, Microfinance Banks, government agencies, cash-in- transit, cash processing companies, market associations, merchants/retailers, chambers of commerce and industry, security agencies, currency management equipment manufacturers, bank customers and the general public.

Besides, the CBN has developed a mechanism to ensure full compliance with the documents by stakeholders, with channels such as phone and emails being provided to enable the general public provide information on infractions.