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“We’ll Flood Market With Lower Naira Denominations” – CBN

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In an effort to tackle the shortage of lower naira denominations, the Central Bank of Nigeria (CBN) on Tuesday said it will flood the market with N100, N50, N20, N10 and N5 notes.

CBN Director, Currency Operations, Mrs. Priscilla Eleje, who disclosed this while speaking at a sensitisation programme in Abuja, said the apex bank was not pleased with the shortage of lower naira currencies and decided to address the issue, starting with traders.

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She warned those hoarding the lower denomination naira notes for the purpose of profiting from their resale to desist from such act, saying they would face justice if caught.

Eleje said, “We spend money to print money every year. But we don’t see the money in the market. So, we called the market unions and banks to a meeting in our office on how to resolve that. We are here to inform you that we have started giving money to you traders via your association and the banks.

“We will monitor the disbursements and spending. No more sales of lower denomination currencies at Dei Dei (a suburb in Abuja popular for the sale of new naira notes). The Police are on the lookout and will arrest and prosecute offenders. We will give the money to the association via the commercial banks.

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“All you need to do is to take your higher denomination currencies to your association and exchange with lower denomination currency equivalents.

“It’s not like the money is free. It’s just an exchange and we want it to be available to you people to do your business with ease. So, please let us know if you can’t access it. We want to ensure you trade seamlessly.”

She also warned against spending and collecting counterfeit money, saying fake money is an economic loss and that the CBN was working to address the issue.

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