If You Are With Old Or Mutilated Naira Note, You Need to Read This

The Central Bank of Nigeria deadline on new naira notes will expire on Monday, September 2, 2019.

The Policy called the Clean Naira Note Policy allows anyone with mutilated naira note deposit such amount at any of its branch on or before the said date.

It could be recalled that the apex bank in a circular opened a three-month window from June 3 to September 2, for customers across the country to replace their mutilated naira notes with new ones across all banks.

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The overused note includes such that is now weak to an extent that it could easily tear at further handling or processing.

Mutilated notes on the other hands include any naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.

This new order is  aimed at finally replacing mutilated, old naira notes in Nigeria, after the failure of banks to heed previous directives.

According to the circular, the apex bank refer to an unfit banknote refers to a genuine banknote that is no longer fit for circulation in accordance with the quality standard set by the CBN.

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The apex bank said a banknote would be considered unfit for recirculation if it was badly soiled or if there was a general distribution/localisation of dirt.

“Other features that classify notes as unfit are torn parts of the banknote that are re-joined with adhesive tape in a manner that tries to preserve as nearly as possible the original design and size of the note; reduction in the original size of the note through wear and tear or fire, rodents and chemicals; perforation of the notes; and loss of more than half of the original size of the banknote.

“Unfit banknotes shall not be re-circulated by DMBs and CPCs. However, a penal charge of N12,000 per box, or any amount determined by the management of the CBN shall apply for the deposit of unsorted banknotes.

“In addition, penalties as may be determined by the CBN, shall apply for the re-circulation of unfit banknotes,” part of the information from the circular reads.

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