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‘Exchange of bad currency notes for new ones not automatic’

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[FILE PHOTO] Mutilated naira note

The Central Bank of Nigeria (CBN) has said that the replacement of burnt or damaged currency notes is not automatic.

The CBN, at a two-day public sensitisation forum in Umuahia, Abia State, advised those in possession of such notes to take them to the CBN branch near them for inspection and replacement, if approved.

The apex bank, however, said that this consideration will not apply to forged or counterfeit notes, adding that holders of such should be reported to the Police.

At the forum, CBN officials demonstrated to participants how they could identify a fake note among genuine ones.

The Umuahia CBN Branch Controller, Michael Ogbu, said the forum was part of the bank’s public enlightenment drive at promoting financial stability, economic development and education on how the public can benefit from its various facilities.

“This public fair is an enlightenment campaign programme by the CBN Corporate Communications department to sensitise the public on the various initiatives of the CBN, ranging from real sector financial payment systems, consumer rights and responsibilities, financial inclusion, agriculture and Short Medium Scale Enterprise (SME) financing,” Ogbu said.

He added that the programme became necessary because the people were not fully aware of what the CBN does to ensure overall economic development of Nigeria, stressing that the bank cannot achieve its mandate without the collaboration and cooperation of all.


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