The Central Bank of Nigeria (CBN) has announced its decision to stop the burning of currency notes withdrawn from circulation.
has announced its decision to stop the burning of currency notes withdrawn from circulation.
The apex bank disclosed that although it destroys about 100 tonnes of bad naira notes weekly through open-air burning at the 12 disposal centres stationed across the country, it will review this practice because of the negative effects of open-air burning on the environment. According to the statement, Section 18 of the CBN Act 2007 authorised “The Bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20 of the said Act or otherwise found by the Bank to be unfit for use.”
“Recycling is the process of converting waste materials into reusable objects to prevent wastage of potentially useful materials, reduce the consumption of fresh raw materials, minimise energy usage, avoid probable air pollution and water pollution ,” the bank said.“It has been identified as the most environmentally sustainable method of banknote waste disposal that could be explore. In this mode, the banknote wastes would be recycled by converting the wastes into useful products.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Over 100 tonnes of bad Naira notes destroyed weekly – CBN
Read more »
CBN To Stop Pollution By Recycling Tonnes Of Bad Naira NotesICYMI: CBN To Stop Pollution By Recycling Tonnes Of Bad Naira Notes
Read more »
Nigeria earned N1.17tn from VAT in 2019 – CBN
Read more »
CBN grants WAMCO, others waiver on milk import ban – Daily TrustThe Central Bank of Nigeria (CBN) has excluded six dairy companies operating in the country from the ban on importation of dairy products into the country. A circular issued by the bank on Tuesday and signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, listed the companies that benefitted from the waiver as …
Read more »
CBN approves six companies for dairy products importationThe CBN says the development is in line with its objective to increase and improve the local production of milk, its derivatives and other dairy products.
Read more »
CBN Restricts Milk Importation to Six Companies - THISDAYLIVEBy Obinna Chima The Central Bank of Nigeria (CBN) has limited the importation of milk, its derivatives and dairy products into the country, to six companies. The companies are FrieslandCampina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc, and Integrated Dairies Limited. More details later..
Read more »