ABCON Backs CBN’s Clean Note Policy

• ABCON Backs CBN’s Clean Note Policy

The Association of Bureaux De Change Operators of Nigeria has given its support to the Central Bank of Nigeria’s Clean Note Policy and Banknote Fitness Guidelines meant to remove dirty, mutilated and unfit Naira notes in circulation from the financial system.

In a statement, the President, ABCON, Dr Aminu Gwadabe, said the launch of the policy was not only apt, but timely given the high volume of unfit and dirty notes in circulation across the country.

He said the policy would discourage the attitude of the public in stashing naira notes in their homes and farms as witnessed recently.

He said the policy would also increased the level of money supply in the economy, and subsequently deepened the volume and value of credit available to real sector operators and other major segments of the economy.

Gwadabe said the policy entailed diverse currency management plans geared towards the efficient circulation of premium quality banknotes and withdrawal of unfit/soiled banknotes.

This, he said, would guarantee public confidence and usage of the naira banknotes as a medium of exchange.

According to Gwadabe, the move by the apex bank to sanitise the estimated N7.9tn pieces of dirty notes in circulation would enhance transparent currency management system, promote financial inclusion and enhance confidence of the informal sector in the financial system.

The ABCON boss said that the CBN had, through the new policy plans, demonstrated its commitment to seamless payment system, adding that the regulator had the obligation of providing adequate supply of clean banknotes to facilitate efficient payment and settlement of transactions by the public, government and banks.

He said the policy remained the first step in its bid to address the sorry state of the notes in circulation and create a new culture for better handling of the local currency.

He explained that the clean note policy provided a uniform standard for the circulation of only clean and fit banknotes in the economy, adding that the banknote fitness guidelines provided the industry with clear and acceptable criteria for determining the quality of notes in circulation.