A shocking audit has uncovered that the Central Bank of Nigeria (CBN), under ex-Governor Godwin Emefiele, pushed N29.77 billion in torn, unfit banknotes back into circulation in 2022.
What Happened?
The Auditor-General’s 2022 report found four CBN branches broke the “Clean Note Policy” by redistributing “Counted Audited Dirty” cash meant for destruction:
- Abuja: N28.615 billion (Oct–Dec)
- Lagos: N970 million (Dec)
- Jos: N150 million (May)
- Bauchi: N30 million (Apr)
Total: N29.77 billion in tattered notes sent to banks and ATMs.
CBN’s Weak Excuses
The branches claimed:
- Abuja: COVID-19 and cash shortages
- Lagos: Christmas demand
- Jos: Military cash needs
The Auditor-General called these “unacceptable,” saying the CBN damaged Nigeria’s reputation and violated its duty to keep currency clean.
Vaults Full of Condemned Cash
Worse, N3.57 billion in unfit notes – including 1,000 boxes of N10 notes from 2021 – still sit in CBN vaults, risking theft.
What’s Next?
The report demands the current CBN Governor face the National Assembly or sanctions. This scandal, tied to Emefiele’s fraud trials and the 2022 naira redesign chaos, explains why Nigerians handle filthy cash daily.
