The Central Bank of Nigeria will tomorrow launch its banknote fitness guidelines aimed at providing the general public with clear, acceptable criteria and standards for determining the quality of banknotes in circulation.
The apex bank, in a release, noted that the objective of a banknote fitness standard is to ensure that banknotes meet the expectation of the public in terms of cleanliness and appearance.
It is also aimed at ensuring that basic security features on the banknote remain visible and are easily recognized by the public to deter counterfeiting; and facilitate automated dispensing, counting and sorting.
One of the core mandates of the CBN as enunciated in Section 2 of the CBN Act, 2007, is the issuance and management of the legal tender currency in Nigeria.
The Currency Operations Department (COD) of the CBN is responsible for the discharge of this mandate by ensuring that the volume of banknotes and coins in circulation is sufficient, of good quality and generally acceptable by the public.
To achieve this, the bank manages the currency notes throughout their life cycle. The notes can easily be checked for their genuineness during the period of circulation.
The banknotes are also sorted into fit and unfit notes. The fit notes are recirculated while the unfit banknotes are withdrawn, disposed and replaced by new banknotes.
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