CBN steps up distribution of lower denominations

The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos.

The lower denominations approved by the management of CBN for the disbursement include N200, N100, N50, N20, N10 and N5 denominations to economic agents.’

This is in continuation of a series of direct disbursements to marketers, merchants, shopping malls, supermarkets, tollgates, among others, with a searchlight on the recipients to ensure compliance to rules.

A top source at the apex bank told The Guardian that those direct disbursements were matched with unique numbers to a particular recipient and would easily be flagged when used for wrong purposes, like selling the notes at events’ venues.

The Guardian, September 18, 2018

 

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