• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News
Mutilated naira notes, CBN

Mutilated naira notes

ABCON backs CBN’s clean note policy, as CBN and banks trade blames

Fakoyejo OlalekanbyFakoyejo Olalekan
4 years ago
in Business News, Politics
Share on FacebookShare on TwitterShare on Linkedin

The plan by the Central Bank of Nigeria (CBN) to put an end to the circulation of dirty, mutilated, and unfit naira notes, have been supported by the Association of Bureaux De Change Operators of Nigeria (ABCON).

ABCON threw its weight behind the ‘Clean Note Policy and Banknote Fitness Guidelines’ initiative, stating that the goal is essential due to the high volume of unfit and dirty notes that are in circulation across the country.

Speaking in support of the CBN policy, the ABCON President, Alhaji Aminu Gwadabe, said the policy entails diverse currency management plans geared towards the efficient circulation of premium quality banknotes and the withdrawal of unfit/soiled banknotes.

The benefits Gwadabe sees in the policy: He also stated that the initiative will discourage the stashing of naira notes in homes and farms by Nigerians, and would guarantee public confidence and usage of the naira banknotes as a medium of exchange.

According to Gwadabe, the policy will also increase the level of money supply in the economy, and subsequently deepen the volume and value of credit available to real sector operators and other major segments of the economy.

The total notes in circulation: While addressing the benefits of the policy, Gwadabe said there are about N7.9 trillion pieces in circulation that will be sanitised.

Meanwhile, Gwadabe stated that the policy would also enhance transparent currency management system, promote financial inclusion, and enhance the confidence of the informal sector in the financial system.

CBN’s proactive step to sanitise the naira notes: Nairametrics had previously reported that the CBN introduced the clean note policy to put an end to the circulation of mutilated, defaced, and unfit naira notes.

The information was contained in the Clean Note Policy Document which was released by the apex bank, detailing several sanctions to be meted to defaulting banks and the general public.

CBN and banks are blaming each other over mutilated, defaced notes: CBN and deposit money banks (DMBs) disagree over who is responsible for mutilated currencies in circulation. The CBN blamed DMBs for deliberately mixing unfit and new notes available in circulation, and re-circulating dirty/unfit currencies instead of sorting out the bad ones and returning them to CBN.

In response to the accusation, the DMBs have also claimed that CBN’s delay to credit their accounts with cash deposited by them, couple with huge cash handling/sorting costs by the apex bank, are some of the major contributory factors to the problem.


Download Nairametrics App for breaking news and market intelligence.
   
Tags: ABCON support CBN’s clean note policyAssociation of bureaux De Change Operators of NigeriaCBN’s clean note policyCentral Bank of Nigeria
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Lagos announces closure of Ojuelegba Flyover Bridge for repair of truck barrier
  • Lagos State enforces total ban on street trading, hawking 
  • FG, States, LGA share N1.1trillion as FAAC in August 2023 

Follow us on social media:

Recent News

traffic diversion, National Stadium Bridge , Funsho William Avenue

Lagos announces closure of Ojuelegba Flyover Bridge for repair of truck barrier

September 29, 2023
Lagos State enforces total ban on street trading, hawking 

Lagos State enforces total ban on street trading, hawking 

September 29, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In