The Central Bank of Nigeria (CBN) implemented the Clean Note Policy as a comprehensive framework to regulate the production, issuance, and circulation of banknotes.
This policy was designed to maintain the integrity, quality, and widespread acceptance of the Naira while promoting efficient currency management.
The policy is centered on combating the mishandling and abuse of Naira banknotes, which undermine their physical durability and increase the cost of replacing damaged currency. Through public awareness campaigns, the CBN aims to foster a culture of responsible currency handling among citizens and curb harmful practices that shorten the lifespan of banknotes.
The Naira and kobo laws, as outlined in the CBN Act, provide a legal foundation for currency management and establish penalties for offenses involving the Naira. Key sections of the Act . The CBN is solely authorized to issue Naira and kobo notes (Sections 17, 18, and 19 of the Act).
Counterfeiting
