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CBN to stop burning of old bank notes, embraces recycling
THE Central Bank of Nigeria (CBN) says it is reviewing the current method of banknote wastes disposal through open-air burning with the aim of adopting more environmentally sustainable method thereby reducing its carbon footprint.
The bank said it would adopt recycling of the old banknotes and coins in place of burning them, noting that the banknote wastes would be recycled by converting the wastes into useful products.
“It has been identified as the most environmentally sustainable method of banknote waste disposal that could be explore. In this mode, recycling of banknote wastes would enhance economic activities in the country in addition to environmental sustainability,” CBN explained in a message posted on its website on Friday.
The bank is currently seeking competent recyclers to handle the exercise.
Paper Banknote wastes disposal by open-air burning impacts negatively on the environment thereby causing pollution and health hazards.
The destruction of unfit banknotes in Nigeria is carried out by the CBN under strict security and environmentally sustainable manner.
Section 18(d) of the CBN Act 2007 authorises “The Bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said Act or otherwise found by the Bank to be unfit for use.”
The banknotes disposal operation is presently carried out in 12 disposal centers across the country weekly where about 100 tons of paper banknote wastes are generated, CBN said.
These wastes are destroyed through open air burning in sites owned by the Bank or rented, usually from the respective state governments.