In a bid to support the Central Bank of Nigeria’s (CBN) Clean Note Policy, Standard Chartered Bank has encouraged its customers to deposit unfit lower denomination Naira notes at any of its branches.
This move is aimed at improving the circulation of clean notes and ensuring that customers play an active role in maintaining the quality of currency in circulation, the bank stated in an email to its clients.
In a recent communication to customers, the bank stated, “In line with the Central Bank of Nigeria clean note policy and to ensure circulation of clean notes, we wish to encourage you to visit any of our branches to deposit your unfit and over-circulated lower denomination Naira banknotes into your account with us.”
The bank further clarified that the lower denominations in focus are the N50, N20, N10, and N5 notes. These are among the most commonly used banknotes in daily transactions across Nigeria but are also prone to rapid wear and tear due to frequent handling.
This initiative is part of a broader effort by the CBN to promote the circulation of cleaner, more durable banknotes and to phase out worn or damaged notes.
The Clean Note Policy, introduced by the CBN, requires that the production, issuance of new banknotes and recirculation by the Deposit Money Banks [DMBs] as well as processing companies conform to the predetermined standards.
Section 18 of the CBN Act 2007 imposes an obligation on the Bank to maintain the quality of banknotes issued.
By urging its customers to deposit unfit notes, Standard Chartered Bank is playing a crucial role in supporting this national policy.
The bank’s message serves as a reminder to all Nigerians to be mindful of the state of their currency and to actively participate in keeping the currency cycle clean.
Customers are encouraged to visit any of the bank’s branches to deposit these notes into their accounts, helping to improve the quality and circulation of the Nigerian currency.
