Despite the CBN creating a solution to get rid of dirty Naira notes, the commercial banks have refused to use it.
Old dirty Naira notes seem to be around everywhere. Even the Central Bank of Nigeria (CBN) is aware of this and addressed the issue.
On Monday, February 26, 2018, the CBN spokesperson Isaac Okorafor tweeted about the dirty Naira notes in circulation.
Banks are to blame for dirty Naira notes
According to Okarafor, the banks are to blame for this problem. "Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes: The abuse mentioned above and the attitude of banks who fail to return them for reissue is another" he tweeted.
Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes: The abuse mentioned above and the attitude of banks who fail to return them for reissue is another. twitter.com/daily_trust/st…
The CBN spokesperson revealed that a solution has been created to deal with dirty Naira notes.
Solution for dirty Naira notes in circulation
"To solve this problem, the CBN opened a window for banks to return N50 to N5 denominations for processing at N1000/ box instead of N12,000 per box, between 2nd Jan. & 28th Mar. 2018. The waiver in processing is to encourage banks to return unfit notes for reissue."
Lower denomination notes have greater velocity of circulation, meaning they are frequently in use and get abused. Several factors account for the existence of worn out notes: The abuse mentioned above and the attitude of banks who fail to return them for reissue is another. twitter.com/daily_trust/st…
To solve this problem, the CBN opened a window for banks to return N50 to N5 denominations for processing at N1000/ box instead of N12,000 per box, between 2nd Jan. & 28th Mar. 2018. The waiver in processing is to encourage banks to return unfit notes for reissue. #GrowthNG
He further said that the CBN would introduce a permanent solution. "We have enough lower denomination notes to go round. Banks have merely recirculated unfit notes because they do not want to bear the little cost of sorting the notes and bringing the unfit ones to the CBN for reissue. Very soon we will announce a more permanent solution."
To solve this problem, the CBN opened a window for banks to return N50 to N5 denominations for processing at N1000/ box instead of N12,000 per box, between 2nd Jan. & 28th Mar. 2018. The waiver in processing is to encourage banks to return unfit notes for reissue. #GrowthNG
We have enough lower denomination notes to go round. Banks have merely recirculated unfit notes because they do not want to bear the little cost of sorting the notes and bringing the unfit ones to the CBN for reissue. Very soon we will announce a more permanent solution#GrowthNG
The N100 note is perhaps the dirties of all the denominations, a trend that has been picked up on social media in recent times.
Social media reaction to dirty Naira notes
"What's with all this damaged and dirty looking 100 naira notes in circulation?" tweeted Adeyemi Adesanya on Tuesday, February 27, 2018.
"Am I the only one that has noticed that the most dirty, torn, tattered, cellotaped currency note since this year is #100.. It's so bad that no one complains when they receive it, they'll say, "you know it's hundred naira na" #cheapest currency to hold in Naija" observed Ebube Anochili on Twitter on Friday, February 2, 2018.
Am I the only one that has noticed that the most dirty, torn, tattered, cellotaped currency note since this year is #100.. It's so bad that no one complains when they receive it, they'll say, "you know it's hundred naira na"#cheapest currency to hold in Naija
In an article published by The Guardian on Saturday, February 24, 2018, Nigerians complained that banks do no accept the worn notes from them.
A man simply identified as Sampson told The Guardian that a bank gave him two bundles of unfit N500 notes. When he tried returning the bad notes, the bank refused to collect the notes.
play
This is the reason why there are dirty Naira notes everywhere
(govandbusinessjournal)
ALSO READ: What you should know about the N20 note
"When I brought it back to them, they rejected the money and denied ever paying the money to me. I avoided creating a scene in the banking hall and could not push further because I was in a hurry to join a bus coming back to Lagos from Enugu" said Mr Samson.
Now that the CBN has created a solution to get rid of the dirty Naira notes everywhere, we have to see if the banks take it up.
PULSE.NG
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