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CBN, Banks sabotaging efforts on new naira notes.

The Central Bank of Nigeria (CBN) has blamed commercial banks for sabotaging its efforts in replacing mutilated notes with new ones in the country.

Mr Isaac Okorafor, Acting Director, Communications Department of the CBN, made the allegation in Lagos on Thursday in an interview with our reporter.

Okoroafor was reacting to lamentation from Nigerians on the high level of mutilated notes in the country.

The CBN spokesperson said that the apex bank was aware of the development and had taken several measures to addressing the rising incidence of mutilated notes in the country.

According to him, one of the steps taken by the CBN in mopping up the mutilated notes from the system was reduction in the amount it charges banks for sorting the dirty notes for clean ones from N12,000 to N1,000 per box.

Okorafor said that the reduction in charges for the commercial banks which lasted for three months from Jan. 2 to March 28 was to encourage them to bring back more dirty notes to CBN.

He said the sorting charges which used to be N12, 000 was later raised to N2,000 per box after the March 28 deadline when the window was closed.

The director said the opportunity was limited to lower denomination naira notes comprising N50, N20 and N10 notes.

A cross section of Nigerians have expressed disgust over the mutilated notes in circulation, mainly smaller denomination comprising of N5, N10, N20, N50 and N100 notes.

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