New Naira notes: CBN claims massive supplies

The Central Bank of Nigeria has denied reports that the new naira notes are in short supply. Represented by Musa Jimoh, Director, Payment System Management Department, the CBN Governor Godwin Emefiele assured that there is enough supply.

“The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.”

“This is to enable quick circulation. We want to advise commercial banks to desist from keeping the cash away from the public, ” he said.

Emefiele advised citizens to deposit their old notes at any commercial bank and obtain new ones as soon as possible.

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He regretted, however, that it took Nigeria nine years to implement such changes.

“The Monitoring and Sensitisation project was activated by the apex bank for investigation of the attitude of banks toward the spread of the new currencies.

“We are equally using it to create awareness on the use of agents to circulate the cash in communities with few or no bank branches available,” he explained