The Central Bank of Nigeria (CBN) over the weekend in Ibadan assured economic agents such as the marketers, merchants, shopping malls, supermarkets of the bank’s continuous injection of huge volumes of the banknotes into the circulation.
The development, according to the Acting Director, Currency Operations Department, CBN, Mrs. Priscilla Eleje was to ease difficulties being encountered by the traders and customers occasioned by the inadequate circulation of the lower denomination banks notes like N200, N100, N50, N20, N10 and N5.
Mrs. Eleje who was represented at the public sensitization and enlightenment campaign on CBN direct intervention on lower denomination banknotes at Alesinloye market by a Deputy Director of the bank, Mrs. Olufolake Ogundero added that the bank recognizes the important role markets play in economic transaction hence the need for ease accessibility of the lower denominations to carry out economic transactions.
She said the objectives of the CBN’s intervention was principally to ease accessibility and consequently address the dearth of these denominations in circulation adding that the disbursement has commenced in Abuja and was being extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Jos.
Eleje hinted: “it is criminal offence punishable by six months imprisonment or a fine of N50,000 or both to sell, spray or mutilate the banknotes. It is also a criminal offence which attracts five years imprisonment without an option of fine for anybody to counterfeit the naira. Naira is our pride as a country. So respect it.”
The Ibadan zonal Controller of the bank, Mr. Musibaudeen Olatinwo said since a large number of the businesses deal in Fast Moving Consumer Goods (FMCG) and service a huge part of the population, the CBN would henceforth supply the banknotes directly to the Joint Traders Association of Oyo state and major retail outlets to meet the high demand for the notes.
Olatinwo said the intervention was timely because of the experience where has been a scarcity of lower denominations in circulation due to hoarding and racketeering, saying “the CBN has tried to increase the supply of these notes only for it to be diverted from its expected users and sold in the open market.
The leader of the market women in the state, Mrs. Labake Lawal assured the CBN of the cooperation of her members, stressing that ” we will comply strictly with the agreed guidelines and utilize the banknotes for the intended purpose.”
