In fact as you may be aware the Union Finance Ministry has advised all state owned banks and financial institutions to make payments only through electronic transfers and not through cheques from 1st September 2011. This move is part of the e-governance initiative to move towards a paperless funds transfer system.
This implies that the CBN is responsible for the entire process of currency production and it includes the following elements: design, production, storage, distribution and the disposal of unfit banknotes. An important component of our responsibility is ensuring an optimal currency structure in terms of efficiency, cost effectiveness and balanced mix of various denominations.