CBN Calls For Proposal To Recycle Banknote Waste

The Central Bank Of Nigeria has invited accredited recycling companies interested in utilizing paper banknote waste to submit a sealed bid on a monthly and quarterly contract basis.

The Apex bank made this call in a circular posted on its website on Friday where it says recycling of banknote wastes would enhance economic activities in the country in addition to environmental sustainability.

According to the CBN, banknotes disposal operation is carried out in 12 disposal centres across the country weekly where about 100 tons of paper banknote wastes are generated.

These wastes are destroyed through open-air burning which impacts negatively on the environment thereby causing pollution and health hazards.

In pursuance of its sustainability initiatives, the financial regulator asked reputable companies to submit Request for Proposal (RFP) from May 2020  to recycle the wastes into useable products that can be beneficial to the nation while adhering to Health Safety and Environment (HSE) Standards.