The Central Bank of Nigeria has said in order to guide against possible abuse or diversion of naira notes, the bank has developed a monitoring framework, to provide the basis for accessing and judicious utilisation of funds disbursed.
Acting Director, Currency Operations, CBN, Mrs Precillia Eleje, at a sensitisation and enlightenment campaign on the direct intervention on lower denominations in Kano,
over the weekend, said the apex bank had observed the inadequacy in the circulation of lower denomination bank notes and difficulties encountered by economic agents such as marketers, merchants, shopping malls, super markets, among others, despite the huge volume of bank notes injected into circulation on an annual basis.
“The Central Bank of Nigeria has mapped out strategies to address the menace, part of which was the sensitisation programme at the market. Nigerians who have been wondering why lower naira notes have been short in supply, lately, can now know the reason behind this,” she
said.
According to her, the apex bank, as part of efforts to address the issue, has decided to approve direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to market associations, merchants, shopping malls, stores, toll-gates, among others, in exchange for higher bills.
She said the disbursement would be made through the commercial banks of the identified market associations and other identified beneficiaries, adding that the account must be funded before any withdrawal could be made. This, she said, would be delivered to them at no extra
cost.
