The CBN (Central Bank) recirculated ₦29.77 billion of “dirty” notes in 2022, defying its own Clean Note Policy.
Abuja alone released nearly ₦28.62 billion of unfit currency between October and December.
Similarly, Lagos issued ₦970 million in December, Bauchi ₦30 million in April, and Jos ₦150 million in May.
Excuses And Rejections
The Clean Note Policy requires the bank to circulate only authenticated, fit notes and withdraw all unfit currency.
Auditors warned that recirculating damaged notes weakened internal controls, harmed the bank’s reputation, and shortened the naira’s lifespan.
Abuja blamed COVID-era cash shortages, Lagos cited Christmas demand, and Jos mentioned military cash requests.
Bauchi denied wrongdoing entirely.
Auditors rejected all excuses as “not satisfactory” and demanded immediate corrective action.
Read Also: CBN Flags ZULDAL Bank For Operating Without Licence
Emefiele Audit
The audit revealed the failures occurred under former governor Godwin Emefiele’s leadership.
Auditors highlighted delays in destroying condemned notes.
Nearly 1,000 boxes of ₦10 notes, valued at ₦99.7 million, remained in storage.
Additionally, 695 boxes of ₦500 notes, worth ₦3.475 billion, awaited destruction, creating a total backlog of ₦3.57 billion.
CBN Backlogs And Accountability
These lapses coincided with the October 2022 naira redesign, which worsened nationwide cash shortages and legal disputes.
Authorities prosecute the former governor in multiple fraud, procurement, and corruption cases.
Consequently, auditors insist CBN officials appear before the National Assembly to defend breaches and outline corrective measures.
Ultimately, the saga of ₦29.77 billion dirty notes shows how ignoring rules erodes public trust in the currency.
