Over 100 tonnes of bad Naira notes are generated as wastes and destroyed weekly, the Central Bank of Nigeria has said.
The apex bank said the Naira notes are destroyed weekly through open-air burning at its 12 disposal centres across the country.
The apex bank in the notice said that it would work with private firms to begin the recycling of bad naira notes. Section 18 of the CBN Act 2007 authorised the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20 of the said Act or otherwise found by the Bank to be unfit for use.The destruction of unfit banknotes in Nigeria is carried out by the CBN under strict security and environmentally sustainable manner.
“These wastes are destroyed through open-air burning in sites owned by the bank or rented, usually from the respective State Governments.
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