The Central Bank of Nigeria (CBN) has revealed plans to start out recycling about 100 tons of paper banknote wastes generated weekly throughout the nation.
The foreign money notes and cash withdrawn from circulation by the apex financial institution have been destroyed in 12 disposal centres throughout the nation weekly.
The CBN said in a communique tagged “Request for Proposal for the Recycling of Paper Banknote Wastes” that the naira notes wastes are destroyed via open air burning in websites owned by the Bank or rented, often from the respective State Governments.
It added that “converting the waste materials into reusable objects will prevent wastage of potentially useful materials, reduce the consumption of fresh raw materials, minimise energy usage, avoid probable air pollution (from incineration) and water pollution (from landfilling).”
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The apex financial institution referred to as on accredited recycling firms all in favour of using paper banknote wastes in its recycling course of and assist in changing them to useable merchandise that may improve financial actions within the nation along with environmental sustainability.
“The purpose of this Request for Proposal (RFP) is to solicit competitive proposals from reputable companies that can recycle CBN paper banknote wastes into useable products that can be beneficial to the nation while adhering to Health Safety and Environment (HSE) Standards.”
It harassed that respected firms ought to submit sealed bids for the acquisition of Paper Banknotes briquettes on a month-to-month/quarterly contract foundation from May 2020 and till additional discover, whereas encouraging single or a number of distributors to submit proposals.
The necessities as said by the CBN embrace; location of the manufacturing unit and present actions, recycling course of or expertise to undertake, both for sole paper or blended, the kind of recycled merchandise to be generated from the recycling course of.
Other necessities are “the logistics for accessing or evacuating the banknote wastes from the locations where they are generated; Compliance with health, safety, and environmental standards; It should be noted that under no circumstances should the banknote wastes be diverted to any place other than the premises of the industrial outfit using it.”