Return of mutilated notes continues beyond September 2, says CBN

The Central Bank of Nigeria has told the general public to continue returning mutilated banknotes to their banks, even after the September 2 deadline.

The CBN’s Director of Corporate Communications, Isaac Okoroafor, explained over the weekend that it was not true that the banks would stop the collection of mutilated notes after September 2, 2019.

“It is not true; the banks will continue to accept those notes from people, and the general public should continue to return mutilated banknotes to their banks after the deadline,” Okoroafor said.

According to him, the September 2 deadline does not apply to bank customers or the general public who will continue to return mutilated notes to the banks.

“It only applies to the banks because the free sorting of naira notes for them will cease at the expiration of that deadline,” he said said.

He said September 2 was only the deadline after which CBN would begin to charge banks.

“We opened a window from June to September, so that when they bring the notes without sorting, we can sort it for them free.

“But as from September 2, if they get those notes, they need to sort them before they bring it to us.

“The deposit by customers and acceptance by commercial banks of mutilated notes is a normal and continuous banking practice and as such continues even after September 2,” he said.

“Anyone whose qualifying mutilated note is rejected by any bank should report such a bank to CBN by calling 07002255226 between 9 a.m. and 4 p.m. daily,” Okoroafor added.

The CBN had opened a three-month window to replace old notes with new ones to improve the overall quality of naira notes in circulation.

Meanwhile, Guaranty Trust Bank, First City Monumental Bank, among others, have contacted their customers through mails that CBN, in its efforts to improve the overall quality of the notes in circulation, has introduced the Clean Note Policy and Banknotes Fitness Guidelines.

For instance, GTBank stated in a mail to one of its customers, which was obtained by our correspondent, “If you have in your possession overused or mutilated naira notes, you are required by the CBN Clean Note Policy to deposit such notes at any branch near you on or before Monday, September 2, 2019.

“Please note that overused notes include any naira note that is now weak to such an extent that it could easily tear at further handling or processing. Mutilated notes include any naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.”

Similarly, FCMB informed its customers that the apex bank was on a drive to promote a clean note policy and ensure only fit banknotes are in circulation.

According to the bank, you are required to deposit all your bad and over-circulated banknotes at any of our branches by August 31, 2019.

“An over-circulated banknote is one whose structure has disintegrated to the extent that it makes handling and processing difficult.

“A bad banknote is one that has been partially damaged by flood, fire, dyed, torn or destroyed by natural disaster and is more than one half of the original size of the banknote. This type may also require special assistance to determine its value,” the bank said.

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