The Central Bank of Nigeria (CBN) at the weekend hinted that it had commenced the circulation of new lower denomination of Naira notes to meet the growing demand for them by end users.
The apex bank’s Assistant Director, Currency Operations Department, Benedict Maduagwu, gave this hint at a two-day sensitisation meeting with stakeholders in Akure, Ondo State.
Maduagwu explained that the circulation of the new Naira notes was flagged off in Abuja, extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katisna and Jos, and would cover other parts of the country.
The CBN Director pointed out that the bank recognised the important roles marketers and other economic agents play in economic transactions and was therefore determined to consistently respond to their currency needs, especially the low denominated currencies.
He said: “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.”
According to him, in order to forestall any form of abuse in the exercise, the bank has evolved a monitoring framework.
The banker explained that the sensitisation programme was aimed at creating awareness on the apex bank’s various policies, programmes and initiatives as a strategic option of promoting financial inclusion in the country.
Participants at the stakeholders forum include, market men and women, students, youths, representatives of commercial banks, artisans and civil servants, amongst others.
