The Central Bank of Nigeria (CBN) said that about 100 tonnes of bad naira notes were generated as waste and destroyed weekly through open air burning at its 12 disposal centres across the country.
Meanwhile, the apex bank has commenced the process of collaboration with private firms to recycle bad naira notes instead of open air burning which is detrimental to the environment and against the industry’s Sustainable Banking Principles.
The CBN disclosed this in a notice titled, “Request for Proposal for the Recycling of Paper Banknote Wastes”.
The CBN stated that: “The destruction of unfit banknotes in Nigeria is carried out by the Central Bank of Nigeria (CBN) under strict security and environmentally sustainable manner.
