CBN partners banks, SMEs on lower naira notes disbursement

In line with the recent yearning of the small businesses on the scarcity of lower denominations of Naira notes across the country, the Central Bank of Nigeria (CBN) has began processes to link between the commercial banks and marketers across the country to ensure disbursement of lower denominations in the country.

The Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu said CBN has advised the marketers to open coperate account with commercial banks and demand for lower denominations from their respective banks.

He said the CBN recognised the important role market players and other economic agents play in economic transactions hence the need for easy accessibility of the lower denomination currency.

Under the CBN’s FAIR programme with the theme: promoting financial stability and economic development, the apex bank which tutored over 1,000 participants said it has commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations in exchange for the higher denominations to traders, Merchants, Shopping Malls, Stores, Supermarkets, Market men and women.

Maduagwu stated that the disbursement started in Abuja but has been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Plateau.

Also, in promoting sound financial environment and monetary policy, Mr. Oludamola Atanda, Principal Manager, Consumer Protection Department, sensitized the participants on the right by responsibility of the consumers and how to lodge complaints to the apex bank.

Oludamola said customers have the right to complain, assuring that the CBN would wade into customers plight anytime an infringement on their rights by any of the nation’s commercial banks was brought to its notice.