Oil and Gas Free Zones Authority Nigeria

CBN BEGINS DISBURSING 5, 10, 20 AND 50 NAIRA NOTES TO TRADERS

By Ofonime Iboro

The Central Bank of Nigeria (CBN) has started the distribution of smaller naira notes to traders in order to improve the circulation of N5, N10, N20 and N50 in the market.

According to the acting Director, Currency Operations Department, CBN, Priscila Eleje, the campaign was targeted at the informal sector, especially traders in markets with the aim of increasing the circulation of the smaller units of the naira to make doing business easier.

She also said the Abuja will be used as the pilot stage of the new campaign and if it is successful, will be replicated nationwide.

Eleje said the new strategy would ensure that traders desist from hiking prices of goods, simply to avoid looking for “change.”

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