Expect More Lower Denominations–CBN Hints Nigerians

By Ikenga Chronicles July 12, 2018

The Central Bank of Nigeria (CBN) has hinted that lower denominations will now be injected into the economy for circulation.

Director, Currency Operations Department, Central Bank of Nigeria, Mrs. Priscilla E. Eleje, who disclosed this at a public sensitisation and enlightenment programme of the bank said the reason for the development is because lower denominations are hard to come by.

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.”

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She explained that given the role markets play in economic transactions, the management of the bank has approved to undertake a direct disbursement of these lower denominations to market associations, merchants, shopping malls, stores, super markets, toll gates in exchange for higher denominations.

Mrs. Eleje said that the intervention, which was already operational, in Abuja, had been extended to Kano, Lagos, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Jos.

The objective of this intervention, she explained, is to ease the accessibility of these notes and consequently, address the dearth of these denomination in circulation.

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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

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