CBN Storms Lagos Market With N5, N10, N50, N100, N200 Notes

In a bid to reduce the dirty lower denomination naira notes in circulation, the Central Bank of Nigeria (CBN) has stormed the Lagos market with new notes to allow easy business transactions. It will be recalled that the apex bank started this kind of operations in Abuja.
The one in Lagos commenced with the direct disbursement across the country through merchants, shopping malls and others.
The Director, Currency Operations Department, CBN, Priscilla Eleje, disclosed this over the weekend at the public sensitisation and enlightenment campaign on CBN Direct Intervention on lower denomination banknotes in Tejuosho market over the weekend in Lagos.
Eleje explained that the campaign was an initiative of the CBN to help circulate lower denominations through market association leaderships, merchants, shopping malls and supermarkets giving N200, N100, N50, N20, N10 and N5 denominations upon request by merchants.
“The bank recognizes the important role markets play in economic growth. It is in recognition of this that the management of the bank approved the direct disbursement of N200, N100, N50, N20, N10 and N5 denominations to market associations, merchants, shopping malls, stores, supermarkets, toll gates etc. in exchange of higher bills,” she said.
The beneficiaries must ensure that their accounts are funded before any withdrawal could be made on their behalf. The DMBs are expected to incorporate the demands of their merchants and market associations in their request to CBN when making normal withdrawal or deposit.”
Eleje said the banknotes are to be delivered to the association at no extra cost. Therefore market associations are not expected to add any cost to their members.
The disbursement, which commenced in Abuja, has been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina, Jos, Port-Harcourt, Minna and Umuahia, she added.

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