Cashless Policy: CBN Plans To Reduce Naira Notes In Circulation

The Central Bank of Nigeria (CBN) on Thursday said it will soon reduce much of the currency in circulation in order to make government’s cashless policy more effective.

Speaking at a two-day CBN fair themed: “Promoting Financial Stability and Economic Development,” the branch controller of CBN in Cross River state, Chuks Okoroafor, said the bank has designed array of initiatives to make more money available for local people to boost their businesses.

Chuks Okoroafor urged farmers and entrepreneurs or individuals to initiate good ideas to enable them access the different funds they have set aside to empower Nigerians.

Mr. Okoroafor also cautioned against the poor handling of the Naira notes, saying the apex bank seriously frowns at it.

The CBN branch Controller said  that the Naira is the face and image of the country, lamenting that many people handle it with total disrespect.

 He urged Nigerians and other people not to deface the Naira or squeeze it or used it to wrap or clean one’s face.

He added that the CBN may begin to apply sanctions against poor handling of the Naira and indicated that the apex bank is working seriously at mopping up dirty or torn Naira notes.

He encouraged Nigerians to always call at the offices of the CBN close to them if they have complaints or issues with their local bankers so that their rights can be addressed.

 “We want Nigerians to know that CBN is available for all Nigerians to access information on their rights or know what funds they can access for their benefits,” he said.