Naira Scarcity: CBN Steps In, Releases Lower Naira Notes To Traders
The Central Bank of Nigeria, CBN has come to the rescue of traders who had endured scarcity of lower denomination of the naira notes.
The apex bank said it has begun the disbursement of the lower denomination of naira notes directly to the traders.
It expressed its determination to put an end to the scarcity of the lower denomination naira notes in circulation.
The apex bank, which also restated its commitment to the economic well-being of all Nigerians, said the disbursement of the naira notes which started begun in Abuja has been extend to other parts of the country.
The Assistant Director, Currency Operations Department, CBN, Benedict Maduagwu, stated these at a two-day sensitisation meeting in Akure, the Ondo State capital.
The CBN director, who addressed the bank customers in attendance, stated that the bank recognised the important role market players and other economic agents play in economic transactions hence the need for easy accessibility to lower denomination currencies.
“The CBN has commenced the direct disbursement of 200, 100, 50, 20, 10 and 5-naira denominations to merchants, shopping malls, stores, supermarkets, market men and women, toll gates etc. in exchange for the higher denominations,” Maduagwu said.
He 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.