The Central Bank of Nigeria has begun a process that would make available lower currency denominations to the country.
This was disclosed by the Assistant Director, Currency Operations Department of the CBN, Benedict Maduagwu at the CBN FAIR programme with the theme ‘Promoting Financial Stability and Economic Development’.
He said the CBN had commenced direct disbursement of N200, N100, N50, N20, N10 and N5 denominations in exchange for the higher denominations to traders and shopping malls.
The apex bank has now called on marketers to open a corporate account with commercial banks and demand for lower denominations.
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