CBN Reassures Nigerians of Improved Access to Clean Currency Notes

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring that Nigerians have access to clean and fit currency notes, following growing public concerns about the poor state of naira notes in circulation. The apex bank disclosed that new measures are being rolled out to tackle the circulation of dirty and mutilated notes while also improving the efficiency of the nation’s cash management system.

In a recent statement, the CBN said its Currency Operations Department is intensifying collaboration with Deposit Money Banks (DMBs), microfinance institutions, and other financial service providers to guarantee that Nigerians receive clean notes during transactions. The bank explained that it has strengthened its currency disposal and processing mechanisms, which will see unfit notes withdrawn from circulation more quickly and replaced with newly printed ones.

According to the apex bank, the move is a response to widespread complaints from businesses, traders, and ordinary citizens who say mutilated naira notes have made transactions difficult. Several traders have reportedly rejected dirty notes, while others have raised safety concerns about handling such currency. This has created avoidable frictions in markets and small-scale transactions, particularly in rural areas where electronic payment penetration is still low.

The CBN emphasized that the circulation of clean notes is not only about aesthetics but also about preserving public trust in the national currency. Officials noted that unfit banknotes can affect confidence in the financial system, hinder smooth commerce, and in extreme cases, expose people to health risks. “Our duty as the central bank is to ensure that currency in circulation meets the highest quality and security standards. Clean notes play a vital role in sustaining the integrity of the naira and facilitating transactions across all sectors,” the bank said.

The apex bank further explained that its Clean Note Policy is being reinforced, which involves stringent requirements for banks to process, sort, and reissue only fit notes while returning unfit ones to the CBN for replacement. This policy also places responsibility on banks to ensure their Automated Teller Machines (ATMs) dispense clean and properly sorted notes.

Industry experts note that while the CBN has consistently rolled out interventions to maintain the quality of currency in circulation, gaps in enforcement and logistics have often undermined the efforts. They argue that unless banks and financial institutions comply strictly with the Clean Note Policy, the problem of dirty notes will persist. Some analysts also believe that the increasing reliance on cash transactions in certain parts of the country has accelerated the wear and tear of notes.

The CBN has also urged Nigerians to handle the naira responsibly, discouraging practices such as spraying money at parties, writing on notes, or excessive folding that reduce their lifespan. Public sensitization campaigns are being planned to remind citizens that the durability of notes depends not just on printing but also on how they are used daily.

Traders and transport operators, who are among the most frequent handlers of cash, have welcomed the initiative. Many argue that clean notes not only ease transactions but also reduce disputes that often arise when damaged currency is rejected. “It is embarrassing when you buy something in the market and the seller rejects your money because it is torn. We hope the CBN will take this seriously,” said one market trader in Lagos.

On the other hand, some consumers remain skeptical, citing previous promises by the CBN that did not fully resolve the problem. They insist that the central bank must back its words with strict monitoring of banks and penalties for those that fail to comply with cash sorting and distribution standards.

Beyond ensuring clean notes, the CBN reiterated its commitment to promoting alternative payment systems as part of its cashless policy. Officials believe that wider adoption of digital transactions will reduce dependence on physical cash, thereby lowering the pressure on currency circulation. However, they acknowledged that until financial inclusion reaches deeper into rural and informal economies, physical currency will continue to play a critical role.

As Nigeria navigates ongoing reforms in its financial system, the promise of clean and fit currency notes is expected to improve public confidence in the naira, support commerce, and enhance the overall integrity of the financial sector. For many Nigerians who rely heavily on cash for their daily transactions, the effectiveness of this intervention will be measured not by announcements but by their day-to-day experience at markets, banks, and ATMs across the country.