The Central Bank of Nigeria (CBN) have in a notice, revealed that over a 100 tonnes of bad Naira notes are generated as wastes and destroyed weekly through open-air burning at its 12 disposal centres across the country.
In the notice titled, “Request for Proposal for the Recycling of Paper Banknote Wastes”, the CBN stated that it would now work with private firms to begin the recycling of bad naira notes.
It said this change was important considering the fact that open-air burning of Naira notes is detrimental to the environment and against the industry’s sustainable banking principles.
Last year, the CBN had called on customers of all banks to return their mutilated naira notes to the banks. This destruction of unfit banknotes in Nigeria is carried out by the CBN under strict security and environmentally sustainable manner.