CBN to Outsource Currency Distribution
The Central Bank of Nigeria (CBN) has begun the process of outsourcing the currency distribution and processing function to the private sector to enable it focus more on its core mandate.By implication, the CBN will be disengaging from the handling of currency and their movement from one point to another across the country.Indications to this effect came at a recent meeting of the Bankers’ Committee when the committee’s chairman, Prof. Chukwuma Soludo, dropped the hint.He told members of the committee to prepare their minds towards the new dispensation as the apex bank planned to devote time to its core mandate of formulating and implementing monetary policies for the economy.
Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.The CBN had similarly ceded its deposit taking function, in addition to others such as its medical, educational, among others.On July 1st, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn.It was not until 1st July, 1962 however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a Republic, and this eventually led to the changing of the bank notes in 1965 to reflect the country's new status. The notes were again changed in 1968 following the misuse of the country's currency notes, during the civil war.
In 1973, Nigeria adopted a truly national currency in decimal form instead of the pounds, to replace the imperial system which she inherited from the British colonial administration. The pounds and shillings were changed to Naira (N) and kobo (k), and four denominations of notes were issued as follows: 50 kobo; N1; N5 and N10. In response to rapid economic growth made possible by the oil boom, N20, and N50 note denominations were added in 1977 and 1991 respectively. Considering cost effectiveness and expansion of economic activities, higher denomination notes were issued. These are 100 Naira (1999), 200 Naira note (2000). 500 Naira was released in April, 2001 while the 1000 Naira note was released in October 2005.On February 28th 2007, as part of the economic reforms, N50, N20, N10 and N5 banknotes and N1 and 50K coins, were reissued in new designs. While a new denomination N2 coin was introduced.The new naira notes were issued to make them more secure, make them last longer in circulation and look cleaner, reduce the cost of replacing dirty notes, and to ensure that the new currency notes are now smaller in size and would easily fit into wallets.
Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.The CBN had similarly ceded its deposit taking function, in addition to others such as its medical, educational, among others.On July 1st, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn.It was not until 1st July, 1962 however, that legal tender status was withdrawn from West African Currency Board. In 1963, Nigeria became a Republic, and this eventually led to the changing of the bank notes in 1965 to reflect the country's new status. The notes were again changed in 1968 following the misuse of the country's currency notes, during the civil war.
In 1973, Nigeria adopted a truly national currency in decimal form instead of the pounds, to replace the imperial system which she inherited from the British colonial administration. The pounds and shillings were changed to Naira (N) and kobo (k), and four denominations of notes were issued as follows: 50 kobo; N1; N5 and N10. In response to rapid economic growth made possible by the oil boom, N20, and N50 note denominations were added in 1977 and 1991 respectively. Considering cost effectiveness and expansion of economic activities, higher denomination notes were issued. These are 100 Naira (1999), 200 Naira note (2000). 500 Naira was released in April, 2001 while the 1000 Naira note was released in October 2005.On February 28th 2007, as part of the economic reforms, N50, N20, N10 and N5 banknotes and N1 and 50K coins, were reissued in new designs. While a new denomination N2 coin was introduced.The new naira notes were issued to make them more secure, make them last longer in circulation and look cleaner, reduce the cost of replacing dirty notes, and to ensure that the new currency notes are now smaller in size and would easily fit into wallets.
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