CBN Begins Circulation Of Lower Naira Notes To Traders Across Nigeria
In an attempt to put an end to the scarcity of lower denomination naira notes in the country, the Central Bank of Nigeria (CBN) has disclosed that it has begun the disbursement of N200, N100, N50, N20, N10 and N5 denominations of naira notes “to merchants, shopping malls, stores, supermarkets, market men and women, toll gates.”
The apex bank, which also restated its commitment to the economic well-being of all Nigerians, said the disbursement of the naira notes had begun in Abuja and would extend to other parts of the country.
The Punch quoted the Assistant Director, Currency Operations Department, CBN, Mr Benedict Maduagwu, as saying these at a two-day sensitisation meeting with some stakeholders in Akure, the Ondo State capital.
“The CBN has commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations of naira notes to merchants, shopping malls, stores, supermarkets, market men and women, toll gates etc. in exchange for the higher denominations,” Maduagwu said.
Some of stakeholders at the meeting included market men and women, students, youths, representative of commercial banks and many social and economic groups in the state, among others.
“The bank (the CBN) has evolved a monitoring framework to avoid abuse,” he added.
The CBN director further noted that the disbursement had started in Abuja and had been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katisna and Jos, adding that the notes were made available to the beneficiaries through commercial banks.