CBN Spends N538.59m Disposing 1.51 Billion Dirty Naira Notes in 2020.
|Godwin Emefiele, CBN Governor.|
The Central Bank of Nigeria said it disposed 1.51 billion pieces of banknotes worth N698.48 billion in 2020.
This was disclosed in the recently released Annual Report 2020 as compiled by the CBN’s Currency Operations Department.
In Nigeria, the Central Bank of Nigeria (CBN) destroys unfit banknotes on a regular basis under strict security and with the authorization of Section 18(d) of the CBN Act 2007, which mandates the destruction of currency notes and coins withdrawn from circulation under the provisions of Section 20(3) of the said Act or otherwise deemed unfit for use by the Bank.
According to the CBN report, the bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean ones.
CBN stated: "At the end of December 2020, a total of 1.51 billion pieces (151,427 boxes) worth N698,593.29 million were disposed of, compared to 1.57 billion pieces (157,217 boxes) worth N814,437.60 million in 2019.
The number of boxes and the value of inappropriate notes disposed of in 2020 fell by 5,790 boxes and N1,115.84 million, respectively, from 157,217 boxes and N814,437.10 million in 2019.
“The drop was ascribed to a halt in disposal activities owing to COVID19 regulations."
In furtherance of this objective, CBN revealed it deployed eleven (11) Banknote Destruction Systems (BDS) and three (3) Currency Disintegrating Systems (CDS) for currency disposal activities in the period under review.