The Central Bank of Nigeria (CBN) is currently linking commercial banks and masses across the country for easy disbursement of lower denominations in the country.
There have been complaints by Nigerians, especially those selling and buying on daily basis of the scarcity of lower denominations of Naira notes across the country.
But the apex bank has 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.
At a sensitisation programme at various major markets across the country, market men and women were advised to open corporate account with commercial banks and demand for lower denominations from their respective banks.
The Assistant Director, Currency Operations Department, Benedict Maduagwu said the CBN recognised the important role market players and other economic agents play in economic transactions hence the need for easy accessibility of the lower denomination currency.
Under the CBN’s FAIR programme with the theme: promoting financial stability and economic development, the apex bank tutored over 1,000 participants in Ibadan, the Oyo state capital
Maduagwu stated that the disbursement started in Abuja but has been extended to Lagos, Kano, Enugu, Onitsha, Ibadan, Yola, Gombe, Katsina and Plateau.
The apex bank,he pointed out, has evolved a monitoring framework to avoid abuse, just as he warned against counterfeiting of the nation’s currency; spraying of the naira and abuse of same”.
He said the naira remained the Nigeria’s pride, heritage and symbol of nationhood.
Also, in promoting sound financial environment and monetary policy, Oludamola Atanda, Principal Manager, Consumer Protection Department, sensitized the participants on the right by responsibility of the consumers and how to lodge complaints to the apex bank.
Oludamola said customers have the right to complain, assuring that the CBN would wade into customers plight anytime an infringement on their rights by any of the nation’s commercial banks was brought to its notice.
Sam Okogbue, an Assistant Director, Corporate Communication Department, noted the central bank would ensure that there are no bottlenecks in the system so as to allow the system run smoothly.
According to him, central bank will ensures there is sanity in the financial system and protectt all stakeholders like bank customers from exploitation and other charges, shareholders etc.
Further to the CBN’s FAIR programme, the bankers said Godwin Emefiele was determined more than ever before to promote financial inclusion for all segments of the society.
