CBN to reduce naira notes in circulation, gives 1 reason


The Central Bank of Nigeria (CBN) on Thursday, June 27, said it will soon reduce the amount of naira in circulation so as to make cashless policy more effective.

Chuks Okoroafor, the apex bank branch controller in Cross River state disclosed this during a two-day CBN fair themed Promoting Financial Stability and Economic Development, Daily Trust reports.

The branch controller also said that they put different initiatives in place to make more money available for people to develop their businesses.

He asked entrepreneurs, farmers, and individuals to come up with good business ideas so they could access the different funds the CBN has arranged to help Nigerians.

Okoroafor mentioned that the CBN frowns so much at the way people poorly handle the naira notes, calling on everyone not to deface the notes.

The CBN also said that the bank is working seriously to mop up dirty, defaced and torn naira currencies in the country.

The bank official urged Nigerians to call CBN’s officers when they have complaints with their local bankers so that issue can be addressed.

“We want Nigerians to know that CBN is available for all Nigerians to access information on their rights or know what funds they can access for their benefits,” he said.

Recall that we previously reported that CBN on Tuesday, April 30, called on all Nigerians to report any commercial bank rejecting dirty, defaced or mutilated naira notes.

The apex bank, during the launch of the Clean Note Policy and Banknote Fitness Guidelines in Lagos state, said it will also make public the guidelines on clean note policy to banks.

Speaking at the event, the director of currency operations department of the CBN, Priscilla Eleje, said the guidelines will also be made available to aid bank customers to know when any lender is not complying and needs to be sanctioned.