CBN Dirty Notes: Deadline Today

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The three-month deadline set by the Central Bank of Nigeria (CBN) for bank customers to deposit dirty naira notes in their banks will elapse this Monday at the close of business hours.

The CBN had earlier announced that a large proportion of about N7.9 trillion pieces of naira notes in circulation are dirty, mutilated and unfit for Automated Teller Machines (ATMs) and over-the-counter payments thereby urging Nigerians to deposit such mutilated Naira notes in any bank branch close to them.

The body said that this step was taken as part of an effort to improve the overall quality of the Naira notes in circulation. As such, many banks have continued to sensitise their customers on the need to comply with the directive.

In an emailed note to customers, GTBank said: “As part of its efforts to improve the overall quality of the Naira notes in circulation, the 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 branch near you on or before Monday, September 2, 2019,” it said.

It explained 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,” the bank said.

CBN’s Deputy Governor, Operations, Folashodun Shonubi and Director, Currency Operations Department, Mrs. Pricilla Eleje, spoke of plans to withdraw the dirty notes from circulation at the Clean Note Policy launch in Lagos. The officials said the bank had the obligation of providing adequate supply of clean banknotes to facilitate seamless payment and settlement of transactions by the public, the government and banks