The Central Bank of Nigeria (CBN), has revealed that there are about 8.88 billion pieces of various values of the Naira note in circulation as at March, 2019.
This disclosure was made by Mrs. Elizabeth Kwaghe, Department of Currency Operations of the CBN, during a CBN fair held yesterday, in Makurdi. She enlightened that the money in circulation is worth N2.15 billion Naira.
Kwaghe, while speaking at the CBN Fair with the theme: “promoting financial stability and economic empowerment”, stated that the reason why large sums of cash were in circulation was because business deals within the country were mostly done in cash.
She attributed the blame for the huge quantity of mutilated naira notes in circulation to the commercial banks and also the public for the abuse of the notes, adding that customers should endeavour to return to the banks mutilated notes given out to them. Kwaghe urged the public to treat the Nigerian currency with pride as it is the face of the country.
CBN To Sanction Any Bank In Possession Of Fake Currency.
Speaking on the issue of fake currency in circulation, Mrs. Kwaghe, declared that the apex bank has commenced processes whereby it monitors ATMs via withdrawals, adding that banks that are identified to be in possession of fake currency notes in their dispensing machines would be sanctioned.
Waiola Ajakaiye who works with Payment System Management Department of the CBN, while speaking at the occasion, said the CBN was developing ways of easing cost of banking, insisting that the cost of banking should be borne by the deposit money banks, rather than customers.
Advocating For A Cashless Transactions In Business Dealings For SMEs.
Ajakaiye also pointed out that the Central Bank is advocating the cutback in using physical cash for business transactions because of the cost of printing currency and the higher security risk involved.
The coordinator of the fair, Sam Okogbue, noted that there is the need to enlighten small and medium business owners in the state, on their rights to know what deductions were made from their accounts.
Okogbue further noted that “among other issues was that the CBN saw the need to intervene in areas that would lead to poverty reduction, growth in the economy as well as service delivery.”
Beforehand, bank customers had expressed grief on situations where they suffer personal losses due to fake currency and mutilated naira notes.
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