Deposit Mutilated Naira Notes in Any Bank Near You Says CBN

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  • Deposit Mutilated Naira Notes in Any Bank Near You Says CBN

In an effort to improve the quality of Naira notes in circulation, the Central Bank of Nigeria (CBN) has said Nigerians in possession of overused or mutilated Naira notes should deposit them in any bank branch close to them.

This was disclosed in a message titled, “Important CBN Notice on Naira Notes,” and sent out by Guaranty Trust Bank to all customers on Friday.

All Nigerians are required by the Central Bank of Nigeria Clean Note Policy to deposit overused and mutilated notes in any bank close to them on or before September 2, 2019.

According to the CBN, overused notes include weak Naira note that could easily tear at further handling or processing.

While mutilated include any Naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.

About the Author

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

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