…says it undermines country’s global image
The Central Bank of Nigeria has said that it is working with market associations and other stakeholders to enhance the circulation of new naira notes.
The move, according to the CBN, was part of efforts to ensure that the high incidence of dirty naira notes and currency mutilation in the economy was addressed.
The CBN Governor, Mr. Godwin Emefiele disclosed this in an interview with journalists in Washington DC.
He assured Nigerians that the Central Bank would continue to print new notes as well as address concerns about defacing of the nation’s currency.“We would keep printing new notes. I do know that new notes are being printed.
“Our Director of Currency, the banks and market associations are working together to ensure that those currencies are delivered directly into the markets so that people feel what we are doing,” he added.
Following concerns of rising incidence of mutilated currencies in the economy, the CBN had reduced the amount of money it charges banks for sorting mutilated naira notes from clean ones to N1,000 per box from N12,000 per box.
The reduction was, however, limited to lower denomination naira notes, or polymer notes, namely N50, N20 and N10 notes. Also, the reduction of N1, 000 per box became effective in January, and lasted for three months.
Based on the arrangement, banks are expected to return mutilated currencies to the CBN for clean naira notes. They are also expected to sort mutilated naira notes from clean ones, before taking the mutilated notes to the CBN for replacement with new ones.
Apart from the clear health risk dirty notes pose to the people who use them, the country’s national pride is greatly undermined in the eyes of the world.
Studies have also shown that dirty money poses serious health hazard to those who handle it as trillions of such currencies in circulation are full of disgusting germs.
The study also showed that dirty money could specifically pose a risk to immuno-suppressed people — people whose defences against bacteria are already low.
According to Wiki, “Currency changes hands constantly” and one never knows where the money in ones’ possession has been, particularly banknotes, which have the tendency to build up grime and may be loaded with bacteria. Notes collect dirt and discoloration from the germs that rub off people’s hands.
The Acting Director, Corporate Communications, CBN, Okoroafor, had said: “We have enough new ones to issue to them. Our problem is that banks have not been returning these notes because of the fear of sorting that we would charge them.”
