Nigeria: CBN’s Agenda To Increase Outflow Of Lower Currency Denominations

The Central Bank of Nigeria (CBN) has commenced the process make available lower currency denominations around the country. The Assistant Director, Currency Operations Department of the CBN, Mr Benedict Maduagwu stated that the apex bank has advised the marketers to open a corporate account with commercial banks and request for lower denominations from their respective banks.

At the CBN’s FAIR programme titled ‘Promoting Financial Stability and Economic Development’, the bank announced to over 1,000 participants that direct disbursement of N200, N100, N50, N20, N10 and N5 denominations will begin in exchange for the higher denominations to traders, merchants, shopping malls, stores, supermarkets, market men, and women. Also, emphasizing on zero tolerance of the abuse and counterfeiting of naira, CBN ensured the protection of all stakeholders and customers from exploitation and frivolous charges.

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