CBN Tightens Noose on Currency Mutilation, Counterfeiting

Obinna Chima and Nume Ekeghe

The Central Bank of Nigeria (CBN) yesterday vowed to impose stiff sanctions on commercial banks and individuals that dispense mutilated and counterfeit currencies.
The central bank has also called for an increase in private companies participating in the currency management value chain to enhance its clean note policy.

The CBN Governor, Mr. Godwin Emefiele, said this yesterday during the unveiling of the Bank’s Clean Notes Policy and Banknotes Fitness Guidelines in Lagos.