CBN committed to economic well-being of Nigerians

THE Central Bank of Nigeria, CBN, yesterday restated its commitment to the economic well-being of all Nigerians.
It restated this at the on-going sensitization fair in Akure, Ondo State.
The fair also seeks to promote financial inclusion for all segments of the society.
The participants were assured that the apex bank will commence the circulation of a lower denomination of the Naira notes to end the scarcity of these notes.
Speaking at the fair, 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 said that CBN has commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to Merchants, Shopping Malls, Stores, Supermarkets, Market men and women, toll-gates etc in exchange for the higher denominations.
Maduagwu stated that the disbursement started in Abuja but has been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Plateau.
He said: “The bank has evolved a monitoring framework to avoid abuse.”

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