The Association of Bureaux De Change Operators of Nigeria (ABCON) has given its support to the Central Bank of Nigeria (CBN) Clean Note Policy and Banknote Fitness Guidelines meant to remove dirty, mutilated and unfit Naira notes in circulation from the financial system.
Speaking yesterday to financial journalists in Lagos, ABCON President, Alhaji (Dr) Aminu Gwadabe, said the launch of the CBN Clean and Banknote Fitness Policy is not only apt, but timely giving the high volume of unfit and dirty notes in circulation across the country.
He said the policy will discourage the attitude of the public in stashing naira notes in their homes and farms as witnessed recently.
He said the policy will also increase the level of money supply in the economy, and subsequently deepen the volume and value of credit available to real sector operators and other major segments of the economy.
He said the policy entails diverse currency management plans geared towards the efficient circulation of premium quality banknotes and withdrawal of unfit/soiled banknotes. This, he said, will guarantee public confidence and usage of the naira banknotes as a medium of exchange.
According to Gwadabe, the move by the apex bank to sanitize the estimated 7.9 trillion Naira pieces in circulation will enhance transparent currency management system, promote financial inclusion and enhance confidence of the informal sector in the financial system.
The ABCON boss said that the CBN has through the new policy plans, demonstrated its commitment to seamless payment system adding that the regulator has the obligation of providing adequate supply of clean banknotes to facilitate efficient payment and settlement of transactions by the public, government and banks.
He said the policy remains the first step in its bid to address the sorry state of the notes in circulation and create a new culture for better handling of the local currency.
