The Central Bank of Nigeria (CBN) is asking for proposal on how it could stop burning dirty mutilated naira notes weekly.
The apex bank said about 100 tonnes of bad naira notes are generated as waste and destroyed weekly through open air burning at its 12 disposal centres across the country.
To end the menace of environmental hazard, the apex bank has commenced the process of collaboration with private firms to recycle bad naira notes instead of open air burning which is detrimental to the environment and against the industry’s Sustainable Banking Principles.
The CBN disclosed this in a notice titled, “Request for Proposal for the Recycling of Paper Banknote Wastes”.
The CBN stated that: “The destruction of unfit banknotes in Nigeria is carried out by the Central Bank of Nigeria (CBN) under strict security and environmentally sustainable manner. Section 18(d) 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 ” The bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said Act or otherwise found by the Bank to be unfit for use.
