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The CBCDG was established by the G10 central banks in 2000, in order to counter the threat of computer-based banknote counterfeiting. [2]In 2004, CBCDG announced the development of a "Counterfeit Deterrence System" (CDS) incorporating a technical means for the detection of banknotes. [3]
The destruction of unfit or recalled banknotes is a responsibility of the central bank. In general, the destruction is performed by a shredder. The machine cross-cuts the banknotes to particles (shreds) with an area of less than 25 mm 2. This work process is executed under very high security provisions to preclude manipulation of authenticity ...
Damaging or destroying naira notes or coins intentionally. The Central Bank of Nigeria (CBN) considers abuse of the naira a serious offense, as it can lead to a shortage of currency in circulation, increased costs for printing and replacing damaged notes, and a loss of confidence in the currency.
A practice note is generally similar in size, shape and color to circulating banknotes and are used for training bank tellers, cashiers and staff at currency exchanges. They are generally unofficial and crudely printed, but are occasionally issued by central banks or printers when a new form of paper money is introduced (for example when the ...
Mutilated currency is a term used by the United States Bureau of Engraving and Printing (BEP) and the Bank of Canada to describe currency which is damaged to the point where it is difficult to determine the value of the currency, or where it is not clear that at least half of the note is present.
The Central Bank is the only institution in the country which is authorised to issue currency notes and coins. The Central Bank is responsible for: the design of the currency; the maintenance of its integrity and providing an adequate supply of currency to satisfy the needs of the public. for open market operations
Banknotes are passed through a banknote sorting machine to assess their authenticity and fitness for circulation, or may be classified unfit for circulation if they are worn, dirty, soiled, damaged, mutilated or torn. Unfit notes are returned to the central bank for secure online destruction by high-speed banknote sorting machines using a cross ...
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.