Nigerians have been directed by the Central Bank of Nigeria (CBN) to deposit bad naira notes in banks before Monday, September 2.
CBN said it is recalling the bad currencies to improve the overall quality of the Naira notes in circulation.
Naira notes expected to be deposited in banks include those which are weak and could easily tear at further handling or processing, mutilated notes that are partially or permanently damaged but which clearly still has more than half of its original size together.
The announcement was made in an email GTBank sent out to its customers on Friday, August 30.
“Important CBN Notice on Naira Notes”
As part of its efforts to improve the overall quality of the Naira notes in circulation, the Central Bank of Nigeria (CBN) has introduced the Clean Note Policy and Banknotes Fitness Guidelines.
What does this mean for you?
If you have in your possession, overused or mutilated Naira notes, you are required by the Central Bank of Nigeria (CBN) Clean Note Policy to deposit such notes at any (bank) branch near you on or before Monday, September 2, 2019.
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.
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.