The Central Bank Of Nigeria (CBN) Has Directed All Banks In The Country To Collect Old And Mutilated ₦500 And ₦1,000 Notes From Circulation

In a circular issued by the CBN Director of Currency Operations, Ahmed Umar, to all deposit money banks and the general public, the apex bank stated that the move was aimed at ensuring that only clean and fit notes are in circulation.

The CBN also directed the banks to ensure that the old notes are replaced with new ones, and warned that failure to comply with the directive would attract stiff penalties.

According to the circular, the CBN emphasized that the old notes, which have been in circulation for over 20 years, are no longer suitable for transactions, as they are often dirty and torn.

The CBN urged the general public to return all old and mutilated notes to their respective banks for exchange, and warned that it would continue to enforce the policy to ensure the availability of clean notes in the country.

The apex bank has also assured Nigerians that it has put in place measures to ensure the adequacy and availability of clean notes in all denominations across the country.

This directive comes as part of the CBN’s efforts to ensure the stability of the Nigerian currency and to promote financial inclusion in the country.

It can be recalled that the CBN recently launched its ‘Clean Note Policy’ campaign, aimed at creating awareness on the need for clean and fit banknotes in circulation. The campaign also seeks to encourage the public to handle banknotes with care to prevent them from getting dirty or torn.

In conclusion, the CBN has directed all banks to collect old and mutilated ₦500 and ₦1,000 notes from circulation, to ensure that only clean and fit notes are in circulation. The apex bank has also assured the public of its commitment to promoting a stable currency and financial inclusion in Nigeria.