Abuja: A Financial Expert, Mr Okechukwu Unegbu, says poor production quality of Nigeria's Naira notes is mostly responsible for its quick mutilation. Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) in Abuja.
According to News Agency of Nigeria, Unegbu spoke against the backdrop of widespread complaints of mutilated Naira notes which were currently in circulation. He criticized the former governors of the Central Bank of Nigeria (CBN) for not being completely patriotic in the production process of the banknotes. He compared the Naira unfavorably with the durability of the dollar and British pound, suggesting that past CBN governors made compromises in the production quality, possibly for financial gain.
A banker, Mr Suleiman Aliu, urged Nigerians to handle the Naira notes with dignity to prolong their lifespan. Aliu criticized some traders and transporters for disrespectfully handling Naira notes while treating foreign currencies with more care. He called on the CBN to intensify sensitization efforts on the proper handling of the Naira.
A civil servant, Rabi Usman, expressed concern over the poor appearance of the Naira notes, particularly the recently redesigned ones. She urged authorities to enforce laws that criminalize the poor handling of banknotes.
Meanwhile, the Central Bank of Nigeria has instituted the 'Clean Notes Policy' to improve the physical appearance and lifespan of banknotes in circulation. According to the apex bank, the policy requires production and recirculation to meet predetermined standards, ensuring that Naira banknotes remain in good condition for public acceptance and processing.
The CBN emphasized that public awareness campaigns on Naira abuse and handling are crucial for extending the longevity of banknotes and reducing the high costs associated with their replacement. The Banknote Fitness Standards provide clear criteria for acceptable banknote quality, outlining stages of degradation and defining the threshold for fit notes in circulation.
NAN reports that the CBN is responsible for public sensitization on proper handling and security features of the Naira banknotes, promoting and maintaining public confidence in the currency.