CBN to Flood Market With Lower Naira Denominations

• CBN to Flood Market With Lower Naira Denominations

In an effort to address the acute shortage of lower denominations, the Central Bank of Nigeria on Tuesday commenced an exercise aimed at flooding the market with N5, N10, N20, N50, and N100 notes.

Speaking on the matter in Abuja, the Director, Currency Operations, CBN, Mrs. Priscilla Eleje, said the apex bank was unhappy that the lower naira denominations were in short supply.

According to the director, the central bank was mindful of the situation and had decided to address it, starting with traders.

However, she warned against hoarding and cloning of the lower notes, saying anyone caught would face the full wrath of the law.

Eleje 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 at Dei Dei (a suburb in Abuja popular for the sale of new naira notes). 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 further stated, “All you need to do is to take your higher denomination currencies to your association and exchange with lower denomination currency equivalents.

“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.”