The
Central Bank of Nigeria, in a bid to address the acute shortage of lower
denomination currencies, on Tuesday commenced an exercise aimed at flooding the
market with N100, N50, N20, N10 and N5 notes.
The
apex bank, however, warned against hoarding and cloning of the lower currency
notes, stating that anyone caught would face the full wrath of the law.
Speaking
at a sensitisation programme at the Wuse Market in Abuja, the Director,
Currency Operations, CBN, Mrs. Priscilla Eleje, said the apex bank was unhappy
that lower denomination naira notes were in short supply.
She
stated that the bank was mindful of the development and had decided to address
the challenge, starting with traders.
She
also warned those who were hoarding the lower denomination naira notes for the
purpose of profiting from their resale to stop the idea as they risked
prosecution when caught.
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