In a bid to increase the circulation of low denomination of naira notes in the country, the Central Bank of Nigeria (CBN), at the weekend, continued its direct disbursement of the currencies through merchants, shopping malls and others in Lagos State.
The Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje, disclosed CBN’s direct intervention on lower denomination banknotes at a public sensitisation and enlightenment campaign in Tejuosho market, Lagos.
Eleje explained that the campaign was an initiative aimed at increasing the circulation of lower denominations through market association leaderships, merchants, shopping malls and supermarkets.
The lower denomination notes being distributed included N200, N100, N50, N20, N10 and N5. Eleje said: “One of the key objectives of the CBN as enshrined in the CBN Act 2007, Section 1, is the issuance and management of legal tender currency in Nigeria.
In recent time, the CBN has observed the inadequate circulation of the lower denomination banknotes and the difficulties encountered by economic agents such as the marketers, merchants, shopping malls, supermarkets, etc, despite huge volumes of the banknotes injected into circulation on annual basis.
(ThisDay)
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