CBN Raises Supply of Lower Denomination Naira Notes

Committed to flooding markets with lower denomination currencies in the country, officials of the Central Bank of Nigeria (CBN) recently drummed support for the bank’s efforts to improve the economic well-being of Nigerians.

Under the CBN’s FAIR programme with the theme, ‘promoting financial stability and economic development,’ the central bank which tutored over 1,000 participants, said it had commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to traders, merchants, shopping malls, stores, supermarkets, among others.

The Principal Manager, Consumer Protection Department, Mr. Oludamola Atanda, said this during a sensitisation exercise.

They sensitised participants on the rights and responsibili- ties 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.

Also, an Assistant Director, of the Corporate Communication Department, Mr. Sam Okogbue, said the central bank was ensuring that there are no bottlenecks in the system, in order not to hurt economic growth.

He added, “The central bank ensures there is sanity in the financial system and protection of all stakeholders like bank customers, from exploitation and other charges, shareholders etc.”

Further to the CBN’s FAIR programme, the central bankers said the Bank’s Governor, Mr. Godwin Emefiele, was determined, more than ever before, to promote financial inclusion for all segments of the society.

In his contribution, an Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu, said the Bank 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.

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

He added, “The bank has evolved a monitoring framework to avoid abuse,” just as he warned against counterfeiting of the nation’s currency; spraying of the naira and abuse of same,” stressing that the naira remained the Nigeria’s pride, heritage and symbol of nationhood.