The Auditor-General has accused the Central Bank of Nigeria of re-circulating N29.7bn in dirty banknotes, violating its Clean Note Policy, which forbids issuing unfit currency. The report blamed weak internal controls and warned of reputational risks.

CBN branches gave different excuses: Abuja cited COVID-19 disruptions, Jos pointed to military cash demands, Lagos blamed festive-season pressure, while Bauchi denied releasing unfit notes. All explanations were dismissed as “unsatisfactory.”

The report urged the National Assembly to summon the CBN Governor and apply sanctions if the breaches cannot be justified.

RealityGist found that the circulation of dirty notes aligns with the chaotic 2022 naira redesign, which caused a nationwide cash crisis.

The audit also discovered delays in destroying condemned notes, including N3.57bn worth of unfit N10 and N500 notes still in vaults, raising risks of theft and misuse. The CBN claimed destruction was ongoing, but auditors rejected the explanation.

The findings add to the scrutiny of former CBN Governor Godwin Emefiele, who faces multiple fraud and corruption cases, though the audit did not directly indict him.