CBN Moves to Disburse Lower Currency Denominations

The Central Bank of Nigeria (CBN) has expressed displeasure over the scarcity of lower denominations banknotes for transactions, despite the huge volumes of the notes injected into circulation annually. Central Bank of Nigeria, CBN, has begun a process that would make the country’s lower currency denominations available to Nigerians.

This was disclosed by the Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu. To achieve this, he said the apex bank has advised the marketers to open a corporate account with commercial banks and demand for lower denominations from their respective banks.

Speaking at the CBN’s FAIR programme entitled: ‘Promoting Financial Stability and Economic Development’, the bank had told over 1,000 participants that it had commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations in exchange for the higher denominations to traders, merchants, shopping malls, stores, supermarkets, market men, and women. Maduagwu said: “The bank has evolved a monitoring framework to avoid abuse,” noting that the bank frowned at counterfeiting of the nation’s currency; spraying of the naira and abuse of same.”

Also, an Assistant Director, Corporate Communication Department, Mr. Sam Okogbue, said: “The central bank ensures there is sanity on the financial system and protection for all stakeholders like bank customers from exploitation and other charges.”

August 06, 2018