The Central Bank of Nigeria, CBN, says it has begun the disbursement of lower denomination of naira notes directly to traders in the country.
Benedict Maduagwu, Assistant Director, Currency Operations Department, CBN, stated these at a two-day sensitisation meeting with some stakeholders in Akure, the Ondo State capital.
Present at the meeting included market men and women, students, youths, representative of commercial banks and many social and economic groups in the state, among others.
Maduagwu stated that the bank recognised the important role market players and other economic agents play in economic transactions hence the need for easy accessibility to lower denomination currencies.
“The CBN has commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations of naira notes to merchants, shopping malls, stores, supermarkets, market men and women, toll gates etc. in exchange for the higher denominations,” Maduagwu said.
He noted that the disbursement had started in Abuja and had been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katisna and Jos, adding that the notes were made available to the beneficiaries through commercial banks.
“The bank (the CBN) has evolved a monitoring framework to avoid abuse,” he added.
The apex bank’s team leader said the sensitisation programme was aimed at creating awareness on the numerous policies, programmes and initiatives of the CBN, which were beneficial to the citizens and also to promote financial inclusion for all segment of the society.