#BANK NOTE CHECKING FREE#

Increase in currency management costs due to the high cost of banknotes replacement.

Implications of Improper Handling of the Naira

It is against the law to reject the Naira (Section 20 subsection 5).

Mutilation: A person who tampers with the Naira note or coin is guilty of an offence, punishable by law (CBN Act Section 21).

Sale: It is against the law to sell currency banknotes.

Do not stain the banknotes with oil or ink,

Soiling: It is against the law to dance/stamp on the Naira banknotes.

Tearing: It is also against the law to tear the banknotes.

Stapling: It is against the law to staple the banknotes as the pins can cause corrosion of the banknotes.

Writing: It is against the law to write on banknotes.

Spraying: It is against the law to spray the Naira banknotes at occasions.

If you are caught and convicted of a counterfeiting crime, you may face up to five (5) years imprisonment with no option of fine (Section 20).

To print money or be in possession of counterfeit notes.

It is against the law for any individual or establishment outside the Central Bank of Nigeria,.

The CBN is responsible for the issuance of the Naira and kobo (Sections 17, 18 and 19).

The Standard provides a pictorial classification of new banknotes, ATM-fit notes, Teller-fit notesĪnd unfit notes to guide the currency handlers, users and key stakeholders to effectively manage the banknotes. The durability and functionality of security features on the notes.īanknote quality i.e. It shows the stages of degradation by soiling, limpness and thus defines the acceptable The Banknote Fitness Standards provides the general public with clear, acceptable criteria for determining the quality

The public awareness campaign on Naira abuse and handling are also highlighted to aid the longevity of the banknotesĪnd reduce the huge cost of processing and banknote replacement.

It also states the responsibilitiesįor issuance, recirculation and processing, counterfeits and mutilated notes management as well as standards for

The document displays features on the obverse and reverse of the banknotes.

#BANK NOTE CHECKING FREE#

It also aims at ensuring that the quality of Naira banknotes in circulation must be in good condition toĪllow for processing and free acceptability by the general public. Issuance of new banknotes and recirculation by the DMBs/CPCs must conform to the predetermined standards. The concept of Clean Note Policy requires that the production, This policy was instituted by the Central Bank of Nigeria in a bid to improve the physical appearanceĪnd lifespan of the banknotes in circulation.It means bidders must email you before placing a bid but NOT that they must pay out the cash if they win. If a bidder refuses to pay, then the only option for sellers is to give “second chance offers” to other bidders or relist the item.įor items of a high value, eBay recommends that sellers put a limit on their listing to approve bidders. This is because in order to sign up to the website, users do not need to put in valid bank or PayPal details before making a bid. The most eBay can do is add a note to the buyer's account about the unpaid item or remove their ability to bid and buy. In its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality.

Remember to set a minimum price that is higher or at the very least equal to the face value of the coin.Įven if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough up. If you want to sell the coin you’ve found in your spare change on eBay then you need to know the risks. They usually deal in very old coins but they may be able to help you assess whether it’s worth selling your coin at auction or whether it would be valuable to a collector. If you’ve got a coin that you would like to sell at auction then you can contact a member of the British Numismatic Trade Association. Once you’ve found out whether the coin is real or not, you have a number of options - either selling it through a coin dealer, at auction or on eBay. These are often deemed the most valuable by collectors.

Bank note checking