CBN takes new naira, cashless policy sensitisation to markets

A major step towards achieving financial inclusion and cashless policy was taken on Thursday as the Central Bank of Nigeria (CBN) took the sensitisation crusade to the popular Wuse Market in Abuja.

The event had officials of the apex bank, staff of commercial banks and other stakeholders in the market in attendance.

Speaking at the event, Kareem Williams, Deputy Branch Controller, Abuja branch of the CBN said the new notes became necessary because currency management in Nigeria has faced several challenges that have continued to grow in scale and sophistication with unintended consequences for the integrity of both the CBN and the country.

He added that the significant hoarding of banknotes by members of the public, with statistics showing that N2.72 trillion out of the N3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks, saying it was injurious to the nation’s economy.

“Second is the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability. Third, there is increasing ease by criminals and risk of counterfeiting evidenced by several security reports received at the Central Bank of Nigeria.”