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CBN Steps Up Distribution Of Lower Denominations - Business - Nairaland

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CBN Steps Up Distribution Of Lower Denominations by akelicious(m): 6:07am On Sep 18, 2018
The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos.

The lower denominations approved by the management of CBN for the disbursement include N200, N100, N50, N20, N10 and N5 denominations to economic agents.’

This is in continuation of a series of direct disbursements to marketers, merchants, shopping malls, supermarkets, tollgates, among others, with a searchlight on the recipients to ensure compliance to rules.

A top source at the apex bank told The Guardian that those direct disbursements were matched with unique numbers to a particular recipient and would easily be flagged when used for wrong purposes, like selling the notes at events’ venues.

The Director, Currency Operations Department, Mrs. Priscilla Eleje, at the weekend in Lagos, during the sensitisation programme at the market, said the traders at the market would be entitled to N5000 worth of the lower denominations weekly, which would be done through their bank accounts.
She said that the piecemeal disbursement was to guard against possible abuse or diversion and curtail the scarcity of the lower naira denominations due to hoarding and sale by unscrupulous people.
“In recent time, the bank has observed the inadequate circulation of the lower denomination banknotes and difficulties encountered by economic agents despite huge volume of banknotes injected into circulation on yearly basis.
“Any beneficiary found to violate the procedure would be delisted”, she warned.
She added that CBN ‘recognizes the important role markets play in economic growth, hence the need to ensure accessibility to lower denominations to carry out legitimate economic transactions.

Explaining the framework for the disbursement of these lower denominations, she reiterated that this would be made through commercial banks at no extra cost, while the beneficiaries should ensure that their accounts are funded before any withdrawal would be made.
“Therefore, market associations are not expected to add any cost to their members. In order to guard against possible abuse or diversion of these banknotes, the bank has developed a monitoring framework to ensure the judicious utilisation of the funds disbursed.
“The exercise consists of on the spot-checks to the premises of the beneficiaries after the receipt of disbursement as well as mystery shopper approach to shops, markets and toll gates and any beneficiary found to violate the procedure would be delisted.
The Branch Controller, CBN Lagos, James Iyari, urged the traders not to continue to recycle dirty or mutilated Naira notes, but return such to their banks.
“I want to use this opportunity to urge you to handle the Nigerian banknotes properly.
It is important to let you know that the CBN spends a lot of money to print and process the notes, which is meant to sustain daily economic transactions.
“I I also remind you that it is a criminal offence to abuse the Naira, which is punishable under the CBN Act 2007, by six months imprisonment or a fine of N50,000 or both, when convicted of the sale, spraying or mutilating the banknotes.
It is also a criminal offence to counterfeit the Naira, which attracts five-year imprisonment without an option of fine.”
Speaking on behalf of the traders, the market Leader of Tejoshuo Model Market, Alhaja Titilayo Noyimot, expressed gratitude to the apex bank for making lower denominations available to traders in Lagos markets.
Lamenting that the challenge of getting lower denominations has become real problem for the petty traders in the market, she thanked CBN for making the market the first in Lagos to benefit from the initiative.

http://www.akelicious.net/2018/09/cbn-steps-up-distribution-of-lower.html

1 Like

Re: CBN Steps Up Distribution Of Lower Denominations by PresidentAtiku(m): 6:09am On Sep 18, 2018
Don't no wat to say!

Buhari Nigeria don taya person..

FTC Mehn cool

11 Likes

Re: CBN Steps Up Distribution Of Lower Denominations by miracood(m): 6:12am On Sep 18, 2018
WAT USE HAS #5 GOT IN NIGERIA OF TODAY

13 Likes

Re: CBN Steps Up Distribution Of Lower Denominations by BigbamoAYO(m): 6:17am On Sep 18, 2018
undecided Election 2019 is here
Re: CBN Steps Up Distribution Of Lower Denominations by Homeboiy: 6:23am On Sep 18, 2018
tongue
Re: CBN Steps Up Distribution Of Lower Denominations by chiommy123(f): 6:32am On Sep 18, 2018
Hope this commercial banks won't abuse it cos we know how things work here
Re: CBN Steps Up Distribution Of Lower Denominations by JustCare: 7:40am On Sep 18, 2018
Great smiley

Very needed step, here in Lagos nobody has smaller denominations to offer as change balance again.

I understand these little denominations has lost almost all their purchasing powers but we still need them in circulation to ease spending especially among SMES owners and customers until we go cashless to a big extent.

3 Likes 2 Shares

Re: CBN Steps Up Distribution Of Lower Denominations by Ekikor(m): 7:40am On Sep 18, 2018
Why are they now disbursing lower denominations.. angry angry
When we've been crying about the deteriorated state of 100 naira notes, they didn't listen..

Now that elections are by the corner, they're now trying to form concerned.. From imposing 10000 naira fine on banks for transfers not completed and refunded to this.. Eye service people

The government will never do anything good for the masses unless they want something in return.. That's why I'm becoming suspicious of the constant power supply I'm enjoying at my place here at Okoko grin grin

4 Likes 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by eluquenson(m): 7:41am On Sep 18, 2018
If they won't divert the notes for party sake.

Let CBN be truthful about the disbursement of bank notes to commercial banks.

The major issue of shortage of bank notes/diversion is solely from the apex bank.

2 Likes

Re: CBN Steps Up Distribution Of Lower Denominations by Pabloosas(m): 7:41am On Sep 18, 2018
Ok
Re: CBN Steps Up Distribution Of Lower Denominations by cooldipo(m): 7:41am On Sep 18, 2018
Welcome development!
Re: CBN Steps Up Distribution Of Lower Denominations by CriticMaestro: 7:42am On Sep 18, 2018
Yesterday I sold a fairly new ₦100 note for ₦1000
Re: CBN Steps Up Distribution Of Lower Denominations by coolestchris(m): 7:42am On Sep 18, 2018
Good move from a hardworking government..
it's clear and obvious that Buhari is coming back again.

3 Likes 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by dahmie2013: 7:42am On Sep 18, 2018
Thank u CBN! Na wa, dis change wahala in Lagos.
Re: CBN Steps Up Distribution Of Lower Denominations by engrsyer(m): 7:43am On Sep 18, 2018
Until I see the new N100 note of 2018 I won't believe this story

7 Likes

Re: CBN Steps Up Distribution Of Lower Denominations by stevedre: 7:43am On Sep 18, 2018
This government keeps advertising their stupidity for free.
What can the lower notes buy in Nigeria at the moment. The economy should improve first before this step is taken besides how are we sure the supplies will be well monitored and distributed.

2 Likes

Re: CBN Steps Up Distribution Of Lower Denominations by geadom: 7:44am On Sep 18, 2018
who e EPP??
Re: CBN Steps Up Distribution Of Lower Denominations by Kira290(m): 7:45am On Sep 18, 2018
guys please can I get this device in Lagos?

Re: CBN Steps Up Distribution Of Lower Denominations by Badonasty(m): 7:46am On Sep 18, 2018
akelicious:
The Central Bank of Nigeria (CBN) has stepped up the campaign to rid the country of dirty notes, make lower denominations available and stem the tide of racketeering in new notes, as it approved a disbursement to traders at the Tejuosho Ultra-modern Market, in Lagos.

The lower denominations approved by the management of CBN for the disbursement include N200, N100, N50, N20, N10 and N5 denominations to economic agents.’

This is in continuation of a series of direct disbursements to marketers, merchants, shopping malls, supermarkets, tollgates, among others, with a searchlight on the recipients to ensure compliance to rules.

A top source at the apex bank told The Guardian that those direct disbursements were matched with unique numbers to a particular recipient and would easily be flagged when used for wrong purposes, like selling the notes at events’ venues.

The Director, Currency Operations Department, Mrs. Priscilla Eleje, at the weekend in Lagos, during the sensitisation programme at the market, said the traders at the market would be entitled to N5000 worth of the lower denominations weekly, which would be done through their bank accounts.
She said that the piecemeal disbursement was to guard against possible abuse or diversion and curtail the scarcity of the lower naira denominations due to hoarding and sale by unscrupulous people.
“In recent time, the bank has observed the inadequate circulation of the lower denomination banknotes and difficulties encountered by economic agents despite huge volume of banknotes injected into circulation on yearly basis.
“Any beneficiary found to violate the procedure would be delisted”, she warned.
She added that CBN ‘recognizes the important role markets play in economic growth, hence the need to ensure accessibility to lower denominations to carry out legitimate economic transactions.

Explaining the framework for the disbursement of these lower denominations, she reiterated that this would be made through commercial banks at no extra cost, while the beneficiaries should ensure that their accounts are funded before any withdrawal would be made.
“Therefore, market associations are not expected to add any cost to their members. In order to guard against possible abuse or diversion of these banknotes, the bank has developed a monitoring framework to ensure the judicious utilisation of the funds disbursed.
“The exercise consists of on the spot-checks to the premises of the beneficiaries after the receipt of disbursement as well as mystery shopper approach to shops, markets and toll gates and any beneficiary found to violate the procedure would be delisted.
The Branch Controller, CBN Lagos, James Iyari, urged the traders not to continue to recycle dirty or mutilated Naira notes, but return such to their banks.
“I want to use this opportunity to urge you to handle the Nigerian banknotes properly.
It is important to let you know that the CBN spends a lot of money to print and process the notes, which is meant to sustain daily economic transactions.
“I I also remind you that it is a criminal offence to abuse the Naira, which is punishable under the CBN Act 2007, by six months imprisonment or a fine of N50,000 or both, when convicted of the sale, spraying or mutilating the banknotes.
It is also a criminal offence to counterfeit the Naira, which attracts five-year imprisonment without an option of fine.”
Speaking on behalf of the traders, the market Leader of Tejoshuo Model Market, Alhaja Titilayo Noyimot, expressed gratitude to the apex bank for making lower denominations available to traders in Lagos markets.
Lamenting that the challenge of getting lower denominations has become real problem for the petty traders in the market, she thanked CBN for making the market the first in Lagos to benefit from the initiative.

http://www.akelicious.net/2018/09/cbn-steps-up-distribution-of-lower.html

I haven't seen one single new note of the lower denominations for over a year...or as anyone seen or spent new notes this year....no he for owambe ooo
Re: CBN Steps Up Distribution Of Lower Denominations by tunary(m): 7:47am On Sep 18, 2018
miracood:
WAT USE HAS #5 GOT IN NIGERIA OF TODAY
plenty of it are meant for the downtrodden

1 Like 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by excomarow(m): 7:47am On Sep 18, 2018
,
Re: CBN Steps Up Distribution Of Lower Denominations by fkj950ax(m): 7:48am On Sep 18, 2018
miracood:
WAT USE HAS #5 GOT IN NIGERIA OF TODAY

A lot.

The unavailability of N5 from CBN made traders to automatically round up prices to N10, items YOU should pay N5 for.

It also made them batch items in 3, and ask YOU to pay N20. This is an item you need only 1 of it, but you are forced to buy 2 extra (unbudgeted expense on your part, and traders offloading their wares quicker).

Lower denomination helps promote actual pricing, and also reduces cost of goods

5 Likes 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by excomarow(m): 7:50am On Sep 18, 2018
PresidentAtiku:
Don't no wat to say!

Buhari Nigeria don taya person..

Get da fvck out of the country... moreover, you are not adding anything to country

1 Like 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by excomarow(m): 7:51am On Sep 18, 2018
PresidentAtiku:
Don't no wat to say!

Buhari Nigeria don taya person..

Get da fvck out of the country... moreover, you are not adding anything to country

Buhari till 2023

Good AM everyone

1 Like 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by ACHILLES45: 7:51am On Sep 18, 2018
story

1 Like 1 Share

Re: CBN Steps Up Distribution Of Lower Denominations by brightpeters4(m): 7:53am On Sep 18, 2018
miracood:
WAT USE HAS #5 GOT IN NIGERIA OF TODAY

For spray at parties. At least before you spray 5k finish person go notice u

1 Like

Re: CBN Steps Up Distribution Of Lower Denominations by HAH: 8:01am On Sep 18, 2018
What Nigeria needs most is mobile money like mpesa in Kenya that can be used to buy anything and even illiterates use, cash should gradually be deemphasized, though for now lower denominations are needed

1 Like

Re: CBN Steps Up Distribution Of Lower Denominations by OG1BABY(f): 8:05am On Sep 18, 2018
Is #5 still useful in this country? There's nothing one can purchase now with that money. That money is as good as useless.
Re: CBN Steps Up Distribution Of Lower Denominations by desmond2pk: 8:06am On Sep 18, 2018
During and after ekiti election, New 100 naira notes resurfaced.
Now, the cbn is making excuses for corrupt politicians before hand.
Okay continue.
Re: CBN Steps Up Distribution Of Lower Denominations by philsbaba: 8:08am On Sep 18, 2018
Let them release 100 naira notes for us, they produce more of 1k and 500naira notes to speed up Their embezzlement
Re: CBN Steps Up Distribution Of Lower Denominations by Olukat(m): 8:11am On Sep 18, 2018
grin Distribution is not the issue shocked What's the value?
I have some noisy worthless coins in my closet thanks to Shoprite!

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