The Central Bank Of Nigeria (CBN) has approved the disbursement of lower banknotes denomination to market associations, merchants, shopping malls among other business outlets to address the inadequate in circulation and the difficulties encountered by economic agents.
This was disclosed by the CBN acting director currency operations department, Mrs. Priscilla E. Eleje during a public sensitization and enlightenment campaign on CBN direct intervention on low denomination banknotes at Kurmi market Kano. According to her, in recent time, CBN has observed the inadequate circulation of the lower denomination in the country a situation she describes as posing difficulties in doing business.
Mrs. Eleje added that, the disbursement would be made to the beneficiaries through the commercial banks identified by the market associations and the accounts must be funded before any withdrawal could be made adding that the banknotes will be delivered to the association at no extra cost.
Similarly, speaking to the Kurmi market business community, the branch controller CBN Kano, Amina Pindar Abubakar stated that it is very important to take into cognisant that it is a criminal offence punishable by 6 months imprisonment or a fine of N50, 000.00 or both on sell, spray or mutilation of the banknotes.