Central Bank of Nigeria (CBN) has announced plans to disburse lower currency denomination to traders in the country.
Officials of the bank said this would help address the scarcity of the lower currency denominations currently being experienced in the country.
CBN Director of Currency Operations,
Mrs. Priscilla Elejeh, told traders at Wuse Market in Abuja that the measure would ease their business operations and also curb inflation.
According to her, the Naira notes to be circulated are N10, N20, N50 and N100.
“The idea is for traders to resist looking for change to prevent a hike in commodities.
"For this to effectively take place, there will be a distribution of new Naira notes to various traders within Wuse and Graki markets respectively," she said.
She warned against hoarding and defacing of the nation’s currency, especially spraying of the Naira at weddings or selling them.
She added that those caught in these actions would face the law.
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