#BUSINESS: CBN to mop up naira notes in circulation - WELCOME TO FACTS ZONE NEWSPAPERS

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#BUSINESS: CBN to mop up naira notes in circulation

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The Central Bank of Nigeria (CBN) has said it will soon reduce the currency in circulation; in order to make government’s cashless policy more effective. 

CBN Branch Controller in Cross River State, Chuks Okoroafor, said the bank has designed array of initiatives to make more money available for local people ;to boost their businesses.

He said this at a two-day CBN fair, with the themed: “Promoting Financial Stability and Economic Development,” He urged farmers and entrepreneurs, or individuals, to initiate good ideas to enable them access the different funds they have set aside to empower Nigerians. 

Okoroafor also cautioned against poor handling of naira notes because the apex bank seriously frowns at it.

He noted that the naira is the face and image of the country, lamenting that many people handle it with total disrespect. 

The CBN boss called on Nigerians and other people not to deface the Naira or squeeze it or used it to wrap or clean one’s face. 

He hinted that the CBN may begin to apply sanctions against poor handling of the naira and indicated that the apex bank is working seriously at mopping up dirty or torn Naira notes. 

“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.

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