CBN to Recycle Bad Naira Notes

Nigeria 500 naira notes
  • CBN to Recycle Bad Naira Notes

The Central Bank of Nigeria is presently working on a proposal to recycle bad naira notes against the current practice of open air burning.

In the proposal titled, “Request for Proposal for the Recycling of Paper Banknote Wastes”, the apex bank said 100 tonnes of bad naira notes are generated and destroyed weekly across its 12 disposal centres in the country.

Therefore, the CBN proposed to work with private firms to commence the recycling of notes considered unfit in accordance with Section 18(d) of the CBN Act 2007.

The proposal reads: “The banknotes disposal operation is presently carried out in 12 disposal centres across the country weekly where about 100 tonnes of paper banknote wastes are generated.

“These wastes are destroyed through open-air burning in sites owned by the bank or rented, usually from the respective State Governments.

“Paper banknote wastes disposal by open-air burning impacts negatively on the environment thereby causing pollution and health hazards.

“The Central Bank of Nigeria in pursuance of its sustainability initiatives has reviewed the current method of banknote wastes disposal through open-air burning with the aim of adopting more environmentally sustainable method thereby reducing its carbon footprints.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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