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CBN Reveals Plans to Resolve Lower Naira Denominations Crisis

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The Central Bank of Nigeria, in a bid to address the acute shortage of lower denomination currencies, on Tuesday commenced an exercise aimed at flooding the market with N100, N50, N20, N10 and N5 notes.

The apex bank, however, warned against hoarding and cloning of the lower currency notes, stating that anyone caught would face the full wrath of the law.

Speaking at a sensitisation programme at the Wuse Market in Abuja, the Director, Currency Operations, CBN, Mrs. Priscilla Eleje, said the apex bank was unhappy that lower denomination naira notes were in short supply.

She stated that the bank was mindful of the development and had decided to address the challenge, starting with traders.

She also warned those who were hoarding the lower denomination naira notes for the purpose of profiting from their resale to stop the idea as they risked prosecution when 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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