By Kadiri Abdulrahman

A Financial Expert, Mr Okechukwu Unegbu, says poor production quality of Nigeria’s Naira notes is mostly responsible for its quick mutilation.

Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

He spoke against the backdrop of widespread complaints of mutilated Naira notes which was currently in circulation.

Unegbu said the former governors of the Central Bank of Nigeria (CBN) had not been completely patriotic in the process of producing the banknotes.

“Look at the dollar, look at British pound, see how durable they are.

“The past CBN governors were very negative. They gave us something that is not clean enough, either because they wanted to make money from the process.

“The production quality is very poor, two exchanges by hand, it has gone bad. They compromise themselves in the production,” he said.

A banker, Mr Suleiman Aliu, urged Nigerians to handle the Naira notes with dignity so as to prolong its lifespan.

Aliu blamed some traders and transporters for always handling Naira notes with disrespect, while handling foreign currencies with care.

“You will observe that the way Nigerians handle the Naira is different from how they handle the dollar and other foreign currencies,” he said.

He urged the CBN to intensify sensitisation and awareness on the proper handling of the Naira.

A civil servant, Rabi Usman, also decried the poor appearance of the Naira notes in recent times, especially the recently redesigned notes.

She urged the relevant authorities to enforce the relevant laws that criminalise poor handling of the banknotes.

Meanwhile, the “Clean Notes Policy” was instituted by the Central Bank of Nigeria in a bid to improve the physical appearance and lifespan of the banknotes in circulation.

According to the apex bank, the concept requires that the production, issuance of new banknotes and recirculation by the deposit money banks must conform to the predetermined standards.

“It is also aimed at ensuring that the quality of Naira banknotes in circulation must be in good condition to allow for processing and free acceptability by the general public.

“The public awareness campaign on Naira abuse and handling are also highlighted to aid the longevity of the banknotes and reduce the huge cost of processing and banknote replacement.

“The Banknote Fitness Standards provides the general public with clear, acceptable criteria for determining the quality of banknotes in circulation,” the apex bank said.

According to CBN, it shows the stages of degradation by soiling, limpness and thus defines the acceptable threshold for fit notes in circulation.

NAN reports that the CBN is responsible for carrying out public sensitisation on proper handling and security features of the Naira banknotes and promoting and maintaining public confidence in our currency. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams