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Central Bank of Nigeria to inject more small denominations

Categories : Cash is available to all users, Cash is universal
August 28, 2018
Published in : Africa, Cash, Denomination mix
The Central Bank of Nigeria will inject more smaller denomination notes into the economy to respond to the shortage.
Communication Team

Nigeria has been experiencing a shortage of small denomination notes despite having emitted large volumes of cash into the economy. As a result, the Central Bank has decided to take immediate action by directly disbursing smaller denominations “to market associations, merchants, shopping malls, stores, super markets, toll gates in exchange for higher denominations.”

Mrs. Priscilla E. Eleje, Director of the Currency Operations Department, confirmed that measures have already been taking place in Abuja and that it is being extended to other regions. Disbursement will occur via commercial banks and identified markets associations.

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