Great news, guys!
If you’ve got mutilated banknotes (money that is severely damaged), now is the time to deposit them or risk trashing.
The CBN, under its clean note policy, requires that as a Deposit Money Banks (DMBs), we notify you to deposit over-circulated and mutilated banknotes at any of our bank branches till August 31, 2019.
At the expiration of the window, the CBN shall commence the enforcement of sanctions for any infraction involving the circulation of unfit/mutilated banknote discovered while carrying out spot checks to ensure compliance in line with the Clean Note Policy and Banknote Fitness Guidelines.
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An over-circulated banknote is the one that has a degraded structure and weak to the extent that makes handling/ processing difficult.
These banknotes tend to disintegrate when passed through high-speed processing machines, and they include notes that are within the soling/limpness/ink wear levels.
A mutilated banknote is the one that has been partially/permanently damaged by fire, flood, soaked, dyed, torn, destroyed by natural disaster and is more than one half of the original size of the banknote.
It may also require special examination to determine its value.
Don’t say you didn’t know; hurry now and deposit those ‘bad’ money you’ve been keeping for long.
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