- Nigerians will have to find a way to dispose of their bad naira notes as CBN has instructed banks to stop or get fined
- CBN also warned that should banks default and put the bad notes as part of their deposits a fine of N400 will be applicable to every N100
- In five years, CBN spent N3.88 billion to destroy over N4.13 trillion worth of dirty currencies deposited by commercial banks
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMB) to stop including mutilated notes as part of their deposits.
The stop this huge cost, Ahmed Umar, director, currency operations department of CBN, in Abuja, said this in a circular issued over the weekend warned banks will now pay a fine of N400 for every N100 mutilated dirty notes.
