The Central Bank of Nigeria, CBN, has begun a process that would make the country’s lower currency denominations available to Nigerians.
The Assistant Director, Currency Operations Department of the CBN, Mr. Benedict Maduagwu disclosed this said the apex bank has advised the marketers to open a corporate account with commercial banks and demand for lower denominations from their respective banks.
“The bank has evolved a monitoring framework to avoid abuse. The bank had 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,” he said.
The Assistant Director, Corporate Communication Department, Mr. Sam Okogbue, said that the central bank would protect stakeholders like bank customers from exploitation and other charges.