CBN Destroys Over 10 Tonnes Of Bad Naira Notes Weekly

Planned Retrenchment By Banks

Central Bank of Nigeria (CBN) says it is destroying over 100 tonnes of bad naira notes it generates as wastes every week.

To put a stop to the practice, the apex bank says it is ready to partner with private companies to recycle the bad naira notes it is destroying.

CBN, in a notice, says the over 100 tonnes of bad naira notes are being destroyed through an open air burning at 12 disposal centres.

The designated centres, according to the bank, include its sites, or rented sites mostly from state governments.

According to the apex bank, it is exploring the recycling of the bad naira notes because open air burning is detrimental to the environment and industry sustainable banking practice.

 

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