Business CBN expects new naira notes by September

The Deputy Director, Operations of the Central Bank of Nigeria, Dr Tunde Lemo, in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja said that the country’s apex bank will take delivery of new naira notes before the end of September. The Central bank had stated in an earlier interview that new naira notes would be in circulation by June.

“The public will get a large quantity of the new notes to replace the old and mutilated notes, particularly the higher denomination notes in the first instance, then later the lower denominations,’’ he said.

Dr Lemo alleged that the dearth of lower denomination notes is as a result of “poor circulation” by the commercial banks.

“Most people don’t require small denomination. But for buying things in the market, if you look at the veracity, you find out that the N50 circulate more than the smaller ones,’’ he said.
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