CBN disburses smaller naira notes to traders to end scarcity

TO check rising inflation, the Central Bank of Nigeria (CBN), Tuesday began the disbursement of smaller naira notes to traders in order to improve the circulation of N5, N10, N20, and N50 in the market.

The development came on the day the apex bank again boosted the interbank foreign exchange market with the supply of $210million to maintain liquidity, and help boost the value of the Naira. To this end, the Acting Director, Currency Also, the Deputy Director, Currency Operations Department, CBN, Vincent Wuranti, counseled the traders on ways to handle and maintain the naira notes.

He chided all users to desist from squeezing the notes, writing on them, or using dirty hands to handle the notes, while also urging the public to inculcate the habit of using wallets in order to safeguard the naira, and allow it to have a longer life span.

The Chairman, Wuse Market Association, Rapheal Okoro, said insufficient lower denominations of the naira, was one of the greatest problems being faced by traders. He said: “When you buy something you cannot get change. There are instances where customers change their minds about buying items because of change.

“As a trader, you lend another trader change and he cannot give you back when you need it. This has led to a lot of crisis in the market. So we are happy that the CBN has come up with this plan.”

Okoro commended the CBN for agreeing to make the funds available to traders on a weekly basis, based on demand.