CBN to release lower denominations of the Naira soon

CBN Governor, Sanusi Lamido Sanusi

From Sunnewsonline.
Central Bank of Nigeria (CBN) yesterday promised to inject lower denominations of the naira so as to resolve the shortage of the currency in the economy. This decision came against the backdrop of the problem the shortage is causing in the economy.

Speaking after the Bankers Committee meeting in Abuja, Director, Banking Supervision of the CBN, Mrs Tokunbo Martins disclosed that the apex bank was aware of the problems being encountered by the people on account of shortage of the lower naira denominations in the country. According to her, the scarcity of the currency was because of the truncation of the CBN’s currency restructuring exercise.

She, however, promised that plans are under way to print more lower naira denominations. Apart from flooding the economy with the currency, the director stated that the quality of the notes to be released would be higher than the existing ones. Also, the Bankers Committee expressed worry over the fragile security on bank premises nationwide saying that the banks would support the police to curb the insecurity in Nigeria.

The bankers committee at the meeting, which was attended by the Inspector General of Police discussed extensively on the poor state of security in the banks and resolved to improve the security situation in the country as it affects the banks by collaborating with the security agencies. Besides, the bank chiefs made up of Union Bank, Diamond Bank and Citi Bank, Messrs Emeka Emuwa, Dr Alex Oti and Omar Hafiz respectively, also said that the banks are planning interest rate reduction for small and medium scale enterprises.

The Chief Executive Officer of Diamond Bank, Dr Alex Oti said the committee also deliberated on structural reform in the country. Specifically, he said the committee was worried over the situation whereby the portfolio investment coming into the country was short term in nature. He noted that with massive investment in power, oil and gas, there would be long-term investment in the country with the attendant boost on the economy through employment and income generation.