Central Bank of Nigeria (CBN) has issued banknotes fitness guidelines to commercial and microfinance banks to sustain public confidence in the nation’s currency.
According to the apex bank, the guidelines also entailed standardised quality criteria for sorting of banknotes before putting them into circulation.
This is contained in a circular issued by Mrs Folashodun Shonubi and Mrs Priscilla Eleje; CBN deputy governor, Operations, and director, Currency Operation, respectively.
Emefiele, CBN Gov
According to the apex bank, third party service providers and the general public are expected to adhere to the guidelines, which also include the removal of unfit banknotes in circulation.
The bank said that cash handlers must ensure the neatness and consistency in the quality of notes in circulation.
The bank said the guidelines, which was done in collaboration with key industry stakeholders, entailed the production and circulation of quality banknotes in line with defined standards.
