Cashless Policy: CBN Set To Reduce Amount Of Naira Notes In Circulation

Central Bank of Nigeria (CBN)

The Apex Bank in Nigeria, the Central Bank of Nigeria (CBN) on Thursday, June 27, said it will soon reduce the amount of Naira notes in circulation so as to make cashless policy more effective.

Mr. Chuks Okoroafor, the regulatory bank branch controller in Cross River state disclosed this during a two-day CBN fair themed Promoting Financial Stability and Economic Development, Daily Trust reports.

The branch controller also said that they put different initiatives in place to make more money available for people to develop their businesses.

He asked entrepreneurs, farmers, and individuals to come up with good business ideas so they could access the different funds the CBN has arranged to help Nigerians.

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Okoroafor mentioned that the CBN frowns so much at the way people poorly handle the naira notes, calling on everyone not to deface the notes.

The CBN also said that the bank is working seriously to mop up dirty, defaced and torn naira notes in the country.

The bank official urged Nigerians to call CBN’s officers when they have complaints with their local bankers so that issue 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.