- You can reach CBN through their call centre – +2347002255226 – if your bank refuses to accept mutilated and unfit Naira notes.
- You can also call to report banks that their cash machines (ATMs) are dispensing mutilated and unfit Naira notes.
- CBN defines a mutilated Naira note as a banknote, partially or permanently damaged by fire, water, dye, insects, torn or destroyed by natural disaster and clearly more than half of the original size.
The Central Bank of Nigeria has provided the phone number to call, “if your bank refuses to accept unfit and mutilated notes from you.”
Unfit and mutilated Naira notes remain a problem confronting Nigerians, most especially the common man on the street. And the challenges are multifaceted.
According to CBN, “a mutilated Naira note is a banknote, partially or permanently damaged by fire, water, dye, insects, torn or destroyed by natural disaster and clearly more than half of the original size.”
Apart from the fact that in most cases such Naira notes are rejected at sales points across the country, even banks sometimes refuse to accept such mutilated and unfit notes.
It is often commonly said on the street that if you wish to spend your mutilated Naira notes, take them to a gas station (filling station) to buy fuel or other things they may be selling and you are most likely not going back home with the mutilated and unfit notes.
Those gas stations often take the mutilated notes to their banks without problems. However, now that some banks are rejecting such notes, it poses a threat as the gas stations may also stop accepting mutilated notes, since there may be no banks to deposit them.
But CBN says mutilated and unfit notes can be returned directly to CBN or even the local banks by individuals. many Nigerians may not be aware of this.
Concerning unfit and mutilated Naira notes, CBN noted on its verified Twitter handle, @cenbank.
“Do you know that you can return unfit and mutilated Naira notes to your bank and any Central Bank of Nigeria branch office?”, CBN asked rhetorically.
It appears the Central Bank of Nigeria is aware of the problems of unfit and mutilated notes and thus has urged Nigerians to lodge complaints through their contact centres directly to CBN, should any bank fail to collect such money.
Tweeting on its verified Twitter handle, CBN wrote:
“You can call the CBN Contact Centre on +2347002255226 if your bank refuses to accept unfit and mutilated notes from you.”
Also, banks with cash machines that dispense mutilated Naira notes may as well have questions to answer, as CBN also notes:
“Call CBN Contact Centre on +2347002255226 if you use any ATM that dispenses counterfeit notes.”
The CBN tweet did not say how the information would be processed nor what penalty awaits erring banks.