ABCON lauds new policy, pledges support

The Association of Bureaux De Change Operators of Nigeria (ABCON) has declared its support for the Clean Note Policy and Banknote Fitness Guidelines of the Central Bank of Nigeria (CBN), meant to remove dirty, mutilated and unfit Naira notes in circulation from the financial system.
 
Speaking to financial journalists, in Lagos, ABCON President, Dr. Aminu Gwadabe, said the launch of the policy is not only apt, but timely, given the high volume of unfit and dirty notes in circulation across the country.He said the policy would discourage the attitude of the public in stashing notes in their homes and farms as witnessed recently.
  
Besides, the policy will also increase the level of money supply in the economy, and subsequently deepen the volume and value  of credit available to real sector operators and other major segments of the economy.He said the policy entails diverse currency management plans geared towards the efficient circulation of premium quality banknotes and withdrawal of unfit/soiled banknotes. This, he said, will guarantee public confidence and usage of the naira banknotes as a medium of exchange.
 
According to him, the move by the apex bank to sanitize the estimated 7.9 trillion Naira pieces in circulation will enhance transparent currency management system, promote financial inclusion and enhance confidence of the informal sector in the financial system.
 
The ABCON boss said that the CBN has through the new policy plans, demonstrated its commitment to seamless payment system adding that the regulator has the obligation of providing adequate supply of clean banknotes to facilitate efficient payment and settlement of transactions by the public, government and banks.

Gwadabe said the policy remains the first step in its bid to address the sorry state of the notes in circulation and create a new culture for better handling of the local currency.He explained that the clean note policy provides a uniform standard for the circulation of only clean and fit banknotes in the economy adding that the banknote fitness guidelines provide the industry with clear and acceptable criteria for determining the quality of notes in circulation.
 
Noting that the policy guideline is backed by the Sections 18, 20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the naira, he said that ABCON, and its over 4,500 members will collaborate with the CBN to make the new policy a success.