Why FG Seeks To Reduce Currency In Circulation

By Ikenga Chronicles June 28, 2019

Why FG Seeks To Reduce Currency In Circulation

It has been revealed by the Central Bank of Nigeria (CBN) that it will reduce the currency in circulation to make government’s cashless policy more effective.

This was revealed by CBN Branch Controller in Cross River State, Chuks Okoroafor, who said the bank has designed how to make more money available for local people to boost their businesses.

He said this at a two-day CBN fair, with the theme: “Promoting Financial Stability and Economic Development.” 

He urged farmers and entrepreneurs, or individuals, to initiate good ideas to enable them access the different funds they have set aside to empower Nigerians.

Okoroafor also cautioned against poor handling of naira notes because the apex bank seriously frowns at it.

He noted that the naira is the face and image of the country, lamenting that many people handle it with total disrespect.

The CBN boss called on Nigerians and other people not to deface the naira or squeeze it or used it to wrap or clean one’s face.

He hinted that the CBN may begin to apply sanctions against poor handling of the naira and indicated that the apex bank is working seriously at mopping up dirty or torn naira notes.

“We want Nigerians to know that CBN is available for all Nigerians to access information on their rights or know what funds they can access for their benefits,” he said.