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Nigeria : CBN launches lower currency denomination drive.

In order to stem their shortage which has elicited the clamour by traders and regular users for the bank's intervention, the Central Bank of Nigeria (CBN) has launched a drive to invest lower currency denominations into the financial system.

The CBN jump-started a sensitisation exercise at the popular Wuse market in Abuja, to address the scarcity of the lower denominations, including N100, N50, N20, N10 and N5.

Speaking during the exercise, the Director, Currency Operations of the CBN, Mrs. Priscilla Eleje, said the central bank was sad that lower denomination naira notes were in short supply, assuring that the bank would tackle the issue headlong.

But, she warned against hoarding and cloning of the notes, adding that anyone caught would be made to face the full wrath of the law.

She also warned those who hoard the lower denominations for the purpose of profiteering from their resale to have a rethink, adding that such people risk prosecution when caught.

She said, "We spend money to print money every year. But we don't see the money in the market. So, we called the market unions and banks to a meeting in our office on how to resolve that. We are here to inform you that we have started giving money to you traders via your association and the banks. We will monitor the disbursements and spending. No more sales of lower denomination currencies. The police are on the lookout and will arrest and prosecute offenders. We will give the money to the association via the commercial banks.

She added, "All you need to do is take your higher denomination currencies to your association and exchange with lower denomination currency equivalent. It's not like the money is free. It's just an exchange and we want it to be available to you people to do your business with ease. So, please let us know if you can't access it. We want to ensure you trade seamlessly.

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Publication:Mena Report
Geographic Code:6NIGR
Date:Feb 28, 2018
Words:336
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