CBN to disburse lower naira denomination to traders

The Central Bank of Nigeria has announced plans to disburse lower currency denomination to traders in the country.

Officials of the bank say this will help address the scarcity of the lower currency denominations currently experienced in the country.

The financial regulator’s director of currency operations, Mrs Priscilla Elejeh told traders at the Wuse market in Abuja that this will ease their business operations and also curb inflation.

According to her, the naira notes to be circulated are 10naira, 20naira, 50naira and a 100 naira note.

She said the circulation of a smaller denomination of the naira notes is for those in business to access easily.

“The idea is for traders to resist looking for change to prevent a hike in commodities.

“For this to effectively take place, there is will be the distribution of new naira notes in various traders within Wuse and Graki markets respectively”.

She warns against hoarding and defacing of the nation’s currency, especially spraying of the naira at weddings or selling them.

She added that those caught in these actions will face the law.



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