CBN to recycle bad Naira notes, stop air pollution

Isola Moses | ConsumerConnect

In view of several tattered Naira notes in circulation and attendant socio-economic costs of retaining them in the nation’s financial system, the Central Bank of Nigeria (CBN) has revealed plans to start recycling about 100 tons of paper banknote wastes generated weekly across the country.

Channels TV reports that the currency notes and coins the Bankers’ Bank had withdrawn from circulation have been destroyed in 12 disposal centres across the country weekly.

In a communiqué tagged, “Request for Proposal for the Recycling of Paper Banknote Wastes”, the CBN has stated that the Naira notes wastes are destroyed through open air burning in sites owned by the Bank or rented, usually from the respective state governments.

“Converting the waste materials into reusable objects will prevent wastage of potentially useful materials, reduce the consumption of fresh raw materials, minimise energy usage, avoid probable air pollution (from incineration) and water pollution (from landfilling),” it stated.

The Central Bank of Nigeria has called on accredited recycling companies interested in utilising paper banknote wastes in its recycling process to help in converting them to useable products that would enhance economic activities, besides environmental sustainability in the country.

“The purpose of this Request for Proposal (RFP) is to solicit competitive proposals from reputable companies that can recycle CBN paper banknote wastes into useable products that can be beneficial to the nation while adhering to Health Safety and Environment (HSE) Standards,” added the communiqué.

It stressed that reputable companies should submit sealed bids for the purchase of Paper Banknotes briquettes on a monthly/quarterly contract basis from May 2020 and until further notice, while encouraging single or multiple vendors to submit proposals.

According to the CBN, the requirements include location of the factory, current activities, recycling process or technology to adopt, either for sole paper or mixed, and the type of recycled products to be generated from the recycling process.

“The logistics for accessing or evacuating the banknote wastes from the locations where they are generated; compliance with health, safety, and environmental standards” are other requirements.

“It should be noted that under no circumstances should the banknote wastes be diverted to any place other than the premises of the industrial outfit using it,” it said.