CBN to disburse lower currency denomination

Lower currency denomination will soon be made available to Nigerians as the country’s apex bank begins the process.

Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu, who said this noted that CBN has advised the marketers to open a corporate account with commercial banks and demand for lower denominations from their respective banks.

Maduagwu said this at the CBN’s FAIR programme entitled: ‘Promoting Financial Stability and Economic Development’. He said, CBN had commenced the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations in exchange for the higher denominations to traders, merchants, shopping malls, stores, supermarkets, market men, and women.

“The bank has evolved a monitoring framework to avoid abuse,” noting that the bank frowned at counterfeiting of the nation’s currency; spraying of the naira and abuse of same.”