The Central Bank of Nigeria (CBN) says it plans to recycle about 100 tons of naira banknote wastes generated weekly across the country.
Concise News understands that naira notes and coins withdrawn from circulation by the CBN are destroyed in 12 disposal centres across Nigeria weekly.
In a communique tagged “Request for Proposal for the Recycling of Paper Banknote Wastes”, the CBN 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.
It added that “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).”
The apex bank called on accredited recycling companies interested in utilizing paper banknote wastes in its recycling process and help in converting them to useable products that would enhance economic activities in the country in addition to environmental sustainability.
“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.”