banknotes

China’s Central Bank Quarantines Banknotes

China’s central bank said it will disinfect banknotes with ultraviolet light or high temperatures and store them for up to 14 days before they are put back into circulation.

The move by The People’s Bank of China was one of the extreme measures being taken by China to slow the spread of coronavirus, now known as COVID-19.

At the initial outbreak of the disruptive and deadly virus, Chinese authorities placed some 56 million people in Hubei and its capital Wuhan under quarantine, virtually sealing off the province from the rest of the country in an unprecedented effort to contain the …

CBN

CBN To Stop Burning Banknotes, Adopts Recycling

The Central Bank of Nigeria (CBN) says it will end the process of burning banknotes and adopt recycling.

In a document published on its website, the apex bank called on recycling companies to submit proposals for a contract to recycle wasted banknotes.

“Section 18(d) of the CBN act 2007 authorises the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said act or otherwise found by the bank to be unfit for use,” the call for proposal read.

“The CBN generates 100 tons of paper banknote …