Nigerians Beg CBN To Withdraw Disfigured Naira Notes

 Nigerians Beg CBN To Withdraw Disfigured Naira Notes

disfigured naira notes
Nigerians have called on the central bank of Nigeria to withdraw dirty and disfigured naira notes and proffer solution to the scarcity of lower denominations.
Nigerians especially micro, small and medium enterprises (msmes) operators have cried out against the negative impact of the scarcity of lower naira denomination on their businessess, this is despite the senate mandating its joint commitee on banking, insurance and other financial institutions to investigate the scarcity of lower naira denominations and proffer lasting solutions to the issue.

Denying reports that these notes were affected because the CBN had stopped printing it, acting director, corporate communications, cbn, issac okorafor in a statement said the mutilated notes were as a result of the combination of currency abuse and the fact that the 100 naira note has high velocity of circulation which contributed to the faster wear and tear.

Financial analysts however say the CBN must be fast in its approach as scarcity of lower naira denominations and disfigured naira notes is a threat to the economy.

It is hoped that with efforts by the apex bank to reduce the scarcity Of small denomination notes and mutilation of naira notes by reducing the amount it charges banks for sorting dirty notes from clean ones from 2,000 to 1,000 per box, this will soon become a thing of the past. Nigerians were also appealed to handle the national currencies with care.

Tolani Giwa

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