Naira Note Scarcity - Ways CBN Is Working To Improve Circulation

Naira Note Scarcity - Ways CBN Is Working To Improve Circulation

In today's finance news we will be talking Naira Note Scarcity - Ways CBN Is Working To Improve Circulation. It is no longer news that the new N200, N500, and #1000 Naira note redesign is causing a lot of mixed feelings among the people of Nigeria. This is due to the fact that prior to the deadline for submission of the old naira note in the above-stated nominations, the new naira note is still not circulating enough to go around.

As a result of that, the Central Bank of Nigeria CBN has said that over-the-counter cash withdrawals are now available. And they are working hard to ensure that commercial banks serve Nigerians efficiently.

CBN has encouraged Nigerians not to be left out on the eNaira advantage, with no delays with electronic payments and collections. Download the eNaira speed wallet today on the Google play store or Apple app store to start making easy transactions. Same Naira, more possibilities. See How To Onboard And Conduct Transaction On eNaira

CBN has been carrying out Banks’ Branch Spot-Checks on ATMs across the country. According to CBN, they are In collaboration with EFCC and ICPC and are committed to ensuring that the new Naira notes reach the hands of Nigerians as soon as possible.

CBN, Police, and other agencies to prosecute sellers and abusers of Naira. CBN assures that queues at the ATMs will disappear soon, direct over-the-counter payment of redesigned banknotes.

CBN Governor, Emefiele assures that there is an adequate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10, and N5 denominations) available to support economic activities.

Emefiele says the CBN is committed to ensuring a seamless, inclusive, and equitable implementation of the redesign exercise for the overall benefit of the people, financial system, and Nigerian economy as a whole.

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