The Central Bank of Nigeria (CBN) has issued a new directive to ensure that Automated Teller Machines deployed by banks dispense only clean notes.
The Clean Note Policy of the CBN is aimed at eliminated mutilated banknotes from circulation.
According to the CBN, a banknote would be considered unfit for recirculation if it was badly soiled or if there was a general distribution/localisation of dirt.
The circular read in part, “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.
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“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.”
The CBN said offenders would be liable to a fine of N50,000 or six months imprisonment or both under the provision of Section 21 of the CBN Act, 2007.
According to the circular, writing or graffiti paintings, mutilation, stapling, tearing or making hole of any kind, spraying, soiling and matching is highly offensive and punishable.
The apex bank added that the ATMs would only dispense notes that had been duly checked for authenticity and fitness according to the CBN’s standard.