The Central Bank of Nigeria (CBN) has said that it is working with market associations and other stakeholders to enhance the circulation of new naira notes.

The move, according to the central bank, was part of efforts to ensure that the high incidence of dirty naira notes and currency mutilation in the economy was addressed.


CBN Governor, Mr. Godwin Emefiele disclosed this in an interview with journalists in Washington DC.
He assured Nigerians that the central bank would continue to print new notes as well as address concerns about defacing of the nation’s currency.

“We would keep printing new notes. I do know that new notes are being printed.
“Our Director of Currency, the banks and market associations are working together to ensure that those currencies are delivered directly into the markets so that people feel what we are doing,” he added.

Following concerns of rising incidence of mutilated currencies in the economy, the CBN had reduced the amount of money it charges banks for sorting mutilated naira notes from clean ones to N1,000 per box from N12,000 per box. The reduction was however, limited to lower denomination naira notes, or polymer notes, namely N50, N20 and N10 notes.

Also, the reduction to N1, 000 per box which became effective in January, and lasted for three months.
Apart from the clear health risk dirty notes pose to the people who use them, the country’s national pride is greatly undermined in the eyes of the world.

Studies have also shown that dirty money poses serious health hazard to those who handle it as trillions of such currencies in circulation are full of disgusting germs.
For instance, a study in the Journal of the American Medical Association studied bacteria from coins and notes found potentially harmful germs like fecal bacteria, E. coli and Staphylococcus aureus on 13 per cent of coins and 42 percent of notes.

A separate study by an Irish researcher at the Cork Institute of Technology (CIT), Emma Gabriel that also tested banknotes for Staphylococcus Bacteria showed that 97 per cent of the sample notes tested positive for the presence of potentially dangerous bacteria on their surface. This may be even higher with the dirty and awful smell from most dirty naira.

“The five notes which tested negative were in mint condition, and the older the currency was, the more contaminated it was. The coins were less contaminated because they are made from bacteria-static metals,” the study revealed.

Furthermore, the study showed that dirty money could specifically pose a risk to immuno-suppressed people — people whose defence against bacteria are already low.
According to Wiki, “Currency changes hands constantly” and one never knows where the money in ones’ possession has been, particularly banknotes, which has the tendency to build up grime and may be loaded with bacteria. Notes collect dirt and discoloration from the germs that rub off people’s hands.

Of course, not minding how careful one is, our own local unit- naira- can easily be put to unfit condition.
Based on the arrangement, banks are expected to return mutilated currency to the CBN for clean naira notes.
Hence, they are expected to sort mutilated naira notes from clean ones, before taking the mutilated notes to the CBN for replacement with new ones.

However, to avoid the cost of machines and process for sorting the naira notes, they return the notes unsorted to the CBN.
The Acting Director, Corporate Communications, CBN, Okoroafor had said: “We have enough new ones to issue to them. Our problem is that banks have not been returning these notes because of the fear of sorting that we would charge them.”

http://www.akelicious.net/2018/04/cbn-seeks-end-to-naira-mutilation.html

Since nothing has been done about the 100 Naira notes in circulation up till now, I have lost faith in the CBN.


Abeg when last you see mint 100 Naira notes?

It's been long overdue, I thought CBN forgot one of their primary duty.

Every 100 naira note you see these days are begging to retire and even begging for pension.

Na you sabi.

This CBN governor must be crazy . Wetin consign Washington DC with our naira note. That's how buhari too will go and be derailing his life when he goes abroad. so they know that dirty notes are bad and yet 100# notes in circulation of recent are way beyond bad. I don't know if their top priority is to make Nigeria a better place or make us look good in the eye of the world.

The man is low key saying Nigeria's bank heads sef are thieves that's why they have yo reduce the money from 12k to 1k. sha continue washing your dirty linen in public like bubu.

About time.

Cbn needs to do something abt #100 notes.......The ones outside have been operated in General hospital.....I waited so long to collect #100 yesterday as a change cos all the ones the woman has are so dirty and tattered

We pray this happens.

So it's actually the banks that refused to return the old notes for newer ones because of charges, thanks CBN

Nigerian leaders are always claiming to be working working buh U wont see effect in the country.

Oh Na foreign countries we dey see the effect

Everything is made scarce by this government even N100 note.

I love this. Kudos to you Guys!

Hope this will not be one of their paper talks.

Instead of seeking an end to its continues devaluation by unnecessary printing and minting, they are busy talking about mutilation, when the average Nigerian has a very rumpled and mutilated financial life, what do you expect?

Claims to hv $47b reserves bt has no money to mint new notes. https://www.google.com.ng/amp/s/www.thisdaylive.com/index.php/2018/04/25/cbn-seeks-end-to-naira-mutilation/amp/ blogger stop this ya copy and paste

Get Outta Here.
Nothing They Ever Do To Help The Poor, Rather They Make Things Difficult.

K

Movicq:
08124533565

Make we call you when new 100 Naira come, is that it?

Significant lesson? Wash your hands before eating,especially after handling money!

End it first, explain to us later, no time to listen to cock and bull stories anymore

Only the living use money. PMB do something, End the killings in Nigeria

Nwaforj44:
CBN Governor, Mr. Godwin Emefiele disclosed this in an interview with journalists in Washington DC.
He assured Nigerians that the central bank would continue to print new notes as well as address concerns about defacing of the nation’s currency.

Why must they always wait until they go outside Nigeria before they address us? buhari and his crew! God must judge you people o.

Like Buhari like appiintees

Funky123:
Cbn needs to do something abt #100 notes.......The ones outside have been operated in General hospital.....I waited so long to collect #100 yesterday as a change cos all the ones the woman has are so dirty and tattered

You should have collected the tattered one, they are now legal tender. Even traders that reject money now collects battered #100 whole heartedly.

Nonsense, while their big staffs replace mutilated currencies that are meant to be destroyed with papers, and burn papers, they recirculate the mutilated ones. Why only small denominations, not 200naira and above. There are enough new notes of smaller denominations outside. It is just being cornered also.
Just let fg announced that before may, they will totally change the face of smaller denominations then you will see how new notes will flood the nation instantly.

d problem is not printing but d circulatuon, wat d banks are doing is d cause of d problem, because dey sell it to dos party business exchange women. dat shld b corrected first.

The big issue is that commercial Banks re not willing to request for smaller notes because its costlier than requesting for higher notes....and they can't force them.

The only way it will end is if the naira appreciates significantly against the dollar. But that is not even adviceable at this stage

staph?

1000 naira shd be scrap too, highest denomination shd be 200 and u will a positive change in the country