The Central Bank of Nigeria (CBN) has finalised plans of launching a currency fitness policy to save the nation’s currency.
A statement by the bank said the document to launch the Clean Note Policy and Note Fitness Guideline will be unveiled at the Eko Hotel and Suites on Tuesday, 30th of April by the bank.
While the CBN has sought the understanding and cooperation of banks, it is believed that the new policy will help restore the cosmetic image of the naira.
The CBN’s leadership said it has developed a mechanism to ensure full participation and compliance with the documents adding that it would provide complaint channels like phone numbers and emails to give the public opportunities to provide information about infractions.
“These documents were developed after extensive collaboration and engagements with key industry stakeholders under the auspices of the Nigerian Cash Management Scheme, a Bankers’ Committee initiative,” the apex bank said.
“The Clean Note Policy provides a uniform standard for the circulation of only clean and fit banknotes in Nigeria; while the Banknote Fitness Guidelines provide the industry with clear and acceptable criteria for determining the quality of banknote in circulation.
“The intention of the Bank is to ensure that unfit, dirty, mutilated and counterfeit banknotes are not in circulation in Nigeria. This is pursuant to Section 18,20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the Naira.”