CBN Publishes Banknote Fitness Guidelines


Thursday, January 24, 2019 05:10 PM / CBN


One of the mandates of the Central Bank of Nigeria is the issuance of Legal Tender Currency in Nigeria. This responsibility entails implicit functions which include the production and circulation of quality banknotes in line with defined standards. 

Over the years, the Central Bank of Nigeria has been working assiduously to ensure consistency in the quality of notes in circulation in terms of appearance and cleanliness. Consequently, the Bank in collaboration with key industry stakeholders produced the Banknote Fitness Guidelines. The document provides acceptable standard for good quality (fit) banknotes and poor quality (unfit) banknotes based on various degradation level. 

Accordingly, the Banknotes Fitness Guidelines among other things therein enunciated the following: 

  • The quality standards and guidelines for banknotes production and recirculation.
  • Standardised quality criteria for sorting of banknotes and a guide to all participants in the currency management industry.
  • Processes of removal of unfit banknotes in circulation. 

This document is intended for the use of all cash handlers such as Deposit Money Banks (DMBs); Micro Finance Banks; third party service providers and general public etc. All cash handlers are expected to comply with the quality standards as set therein to sustain public confidence in the national currency. It is therefore our privilege to present this document to the general public.


Download Banknote Fitness Guidelines Here


Proshare Nigeria Pvt. Ltd.

Related News

1.       CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019

2.      Gov. Emefiele Outlines Policy Thrust for 2019; Woos Foreign Investors

3.      Financial Stability Report and Stress Test Results (UK) - November 2018

4.      Banks Accessed N956bn in Q3’18 Through CBN’s Standing Facilities Window to Square Up Their Positions

5.      Effects of G20 Financial Reforms On Infrastructure Finance Come Second Relative To Other Factors

6.      IOSCO Members Found Mostly Compliant With Principles for Commodity Derivatives Markets

7.      FSB, Bodies Publish Final Report on Effects of Reforms on Incentives to Clear OTC Derivatives

8.     Beginning Stress Testing’s New Chapter - An Intl’ Perspective On The Future Of Bank Stress Testing

9.      No Bank Was Referenced By CBN as NOT being Compliant with 30% Minimum Regulatory Liquidity Ratio

10. CBN Reschedules November 2018 MPC Meeting to 21st and 22nd

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.
Related News