The management of Guarantee Trust Bank has tasked customers on the Central Bank of Nigeria’s recent directive on dirty and torn naira notes.
The apex bank instructed anyone with such to go to any bank to change them, with a deadline of September 2 given.
Now, about three days to the deadline, GTBank has urged its customers to comply with the directive.
In a message obtained by phenomenal.com.ng, the bank stated:
“As part of its efforts to improve the overall quality of the Naira notes in circulation, the Central Bank of Nigeria (CBN) has introduced the Clean Note Policy and Banknotes Fitness Guidelines.
What does this mean for you?
If you have in your possession, overused or mutilated Naira notes, you are required by the Central Bank of Nigeria (CBN) Clean Note Policy to deposit such notes at any branch near you on or before Monday, September 2, 2019.
“Please note that overused notes include any Naira note that is now weak to such an extent that it could easily tear at further handling or processing. Mutilated notes include any Naira note that has been partially or permanently damaged, but which clearly still has more than half of its original size together.
“As Nigerians, it is our patriotic and collective responsibility to handle the Naira with care, and as your Bank, we urge you to comply with this directive in order to improve the quality of our national currency.
‘Thank you for banking with us.”
The CBN had introduced the Clean Note Policy to put an end to the regime of mutilated naira notes.
According to a circular it issued to this effect, the CBN, said the initiative was in a bid to enhance the availability of clean notes and effect expeditious withdrawal of dirty notes from circulation.
It said Deposit Money Banks and Cash Processing Companies making deposits at the CBN should classify their cash deposits into fit and unfit notes.
“Other features that classify notes as unfit are torn parts of the banknote that are re-joined with adhesive tape in a manner that tries to preserve as nearly as possible the original design and size of the note; reduction in the original size of the note through wear and tear or fire, rodents and chemicals; perforation of the notes; and loss of more than half of the original size of the banknote.
“Unfit banknotes shall not be re-circulated by DMBs and CPCs. However, a penal charge of N12,000 per box, or any amount determined by the management of the CBN shall apply for the deposit of unsorted banknotes.
“In addition, penalties as may be determined by the CBN, shall apply for the re-circulation of unfit banknotes,” it added.
