CBN floods the market with lower naira denominations
The Central Bank of Nigeria, in a bid to address the acute shortage of lower denomination currencies, on Tuesday commenced an exercise aimed at flooding the market with N100, N50, N20, N10 and N5 notes. CBN however, warned against hoarding and cloning of the lower currency notes, stating that anyone caught would face the full wrath of the law. Speaking in Abuja, the Director, Currency Operations, CBN Priscilla Eleje, said the apex bank was unhappy that lower denomination naira notes were in short supply. She stated that the bank was mindful of the development and had decided to address the challenge, starting with traders. She also warned those who were hoarding the lower denomination naira notes for the purpose of profiting from their resale to stop the idea as they risked prosecution when caught. Eleje said, “We spend money to print money every year. But we don’t see the money in the market. So, we called the market ...