Cbn steps up distribution of lower denominations

The Central Bank of Nigeria (CBN) has taken steps to increase the distribution of lower denomination currencies to ease the cash crunch faced by Nigerians. Here are some of the steps taken:

  1. Increased Supply of Lower Denominations: The CBN has increased the supply of lower denomination currencies such as N50, N20, and N10 notes to commercial banks. This is to ensure that these denominations are readily available for public use.
  2. Distributing Lower Denominations to Banks: The CBN has directed commercial banks to distribute lower denomination currencies to their customers, particularly in rural areas where access to ATMs and electronic payment systems is limited.
  3. Mobile Banking Agents: The CBN has also authorized mobile banking agents to dispense lower denomination currencies to customers, especially in areas where traditional banking channels are not readily available.
  4. Cashless Policy Relaxation: The CBN has relaxed its cashless policy to allow for more cash transactions, particularly for small transactions. This is to reduce the reliance on electronic payment systems and make it easier for people to access lower denomination currencies.
  5. Increased Monitoring: The CBN has increased monitoring of commercial banks to ensure that they are distributing lower denomination currencies to their customers and not hoarding them.
  6. Public Education: The CBN has launched a public education campaign to raise awareness about the availability of lower denomination currencies and the need to use them for transactions.

These steps are aimed at addressing the cash crunch faced by Nigerians, particularly in rural areas, and ensuring that people have access to lower denomination currencies for their daily transactions.