CBN embarks on disbursement of lower denomination banknotes

Posted by Desmond Mgboh, Kano | 11 July 2018 | 1,018 times

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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.

Director, Currency Operations Department, Central Bank of Nigeria, Mrs. Priscilla E. Eleje, disclosed this at a public sensitisation and enlightenment programme of the bank on its Direct Intervention on Lower Denominations Banknotes held at Kurmi Market, in Kano, on Tuesday.

Her words: “In the recent times, the CBN has observed the inadequate circulation of the lower denominations banknotes and the difficulty encountered by economic agents such as marketers, merchants, shopping malls, supermarkets etc, despite the huge volume of bank notes injected into circulation on annual basis.”

According to her, the disbursement would be made through commercial banks of identified markets association and other identified beneficiaries, adding that the account of the beneficiary must be funded before any withdrawal would be made

The banknotes were to be delivered to the beneficiaries without any extra costs to them, adding that the Central Bank has devolved a framework of assessing the judicious use of the disbursed funds.

•Excerpted from Daily Sun report

Source: News Express

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