EXPLOSIVE!!! Central Bank Of Nigeria Drops A Major Bombshell, Explains Why There Are Millions Of Dirty And Worn Out Naira Notes In Circulation Nationwide

By Post Nigeria February 28, 2018 12:44

EXPLOSIVE!!! Central Bank Of Nigeria Drops A Major Bombshell, Explains Why There Are Millions Of Dirty And Worn Out Naira Notes In Circulation Nationwide

The Central Bank of Nigeria, CBN, has opened up on why there are millions of old and dirty Naira notes in circulation.

The CBN Spokesperson, Isaac Okorafor, made this known through his Twitter handle.

According to Okorafor, the Banks are to blame for this problem.

“Lower denomination notes have a greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes: The abuse mentioned above and the attitude of Banks who fail to return them for reissue is another”, he tweeted.

The CBN Spokesperson revealed that a solution has been created to deal with dirty Naira notes.

“To solve this problem, the CBN opened a window for Banks to return N50 to N5 denominations for processing at N1000/ box instead of N12,000 per box, between 2nd Jan. & 28th Mar. 2018. The waiver in processing is to encourage Banks to return unfit notes.”

He further said that the CBN would introduce a permanent solution.

“We have enough lower denomination notes to go round. Banks have merely recirculated unfit notes, because they do not want to bear the little cost of sorting the notes and bringing the unfit ones to the CBN for reissue. Very soon we will announce a more permanent solution.”

The N100 note is perhaps the dirtiest of all the denominations, a trend that has been picked up on social media in recent times.

 

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