Nigerians who have over-circulated and mutilated naira noted in their possessions have been advised to deposit the money to their respective banks.
The Central Bank of Nigeria had on 30th of April introduced the Clean Note Policy and Banknotes Fitness Guidelines to ensure circulation of only fit banknotes in the economy.
In view of this, Commercial banks have been reaching out to their custoners to ensure they deposit over-circulated naira notes to bank branches.
Sterling Bank wants customers to deposit such at any of their branches on or before 2nd September 2019.
According to the CBN, over-circulated banknote is one whose structure has degraded and is weak to such an extent that renders further handling/processing difficult.
A mutilated banknote is a currency note that has been partially /permanently damaged by fire, flood or soaked ,dye, torn or destroyed by natural disaster, and is clearly more than one half of the original size of the banknote, and may require special examination to determine its value.