CBN warns against poor handling of naira, encourages e-payment solutions

Features & Reports

The Central Bank of Nigeria (CBN) has urged members of the public to desist from ill handling of the nation’s currency, the naira.

The central bank stressed that the cost of maintaining the naira note was expensive, while also urging members of the informal sector to embrace the various e-payment options in the economy.

This call was made at the CBN’s ‘Promoting Financial Stability and Economic Development Fair,” in Lagos yesterday, which had a collective attendance of farmers, traders, SMEs and others from the informal sector.

The Assistant Director, Currency Operations Department, CBN, Mr. Benedict Maduagwu said thatthere are so many interventions by the CBN aimed at promoting the well-being and also in diversifying the economy.

“We have the Anchor Borrowers’ scheme which is a wonderful initiative. We also have the MSME intervention scheme of N220 billion which 60 percent is reserved for women. We also have the youth empowerment development program and we are also promoting cashless.

“The way currency is being handled, it is being abused and the cost is huge. As at 2005 to 2010, it was over N192 billion and as i speak it is more than that. So the effort in the cashless policy and also telling people on how to carry clean naira are all aimed at reduction of the huge cost in currency.”
—AllAfrica