January 24, 2019/CBN
One of the mandates of the Central Bank of Nigeria is the issuance of Legal Tender Currency in Nigeria. This responsibility entails implicit functions which include the production and circulation of quality banknotes in line with defined standards.
Over the years, the Central Bank of Nigeria has been working assiduously to ensure consistency in the quality of notes in circulation in terms of appearance and cleanliness. Consequently, the Bank in collaboration with key industry stakeholders produced the Banknote Fitness Guidelines. The document provides acceptable standard for good quality (fit) banknotes and poor quality (unfit) banknotes based on various degradation level.
Accordingly, the Banknotes Fitness Guidelines among other things therein enunciated the following:
- The quality standards and guidelines for banknotes production and recirculation.
- Standardised quality criteria for sorting of banknotes and a guide to all participants in the currency management industry.
- Processes of removal of unfit banknotes in circulation.
This document is intended for the use of all cash handlers such as Deposit Money Banks (DMBs); Micro Finance Banks; third party service providers and general public etc. All cash handlers are expected to comply with the quality standards as set therein to sustain public confidence in the national currency. It is therefore our privilege to present this document to the general public.