By Charles Agwam – Gombe
An amalgamated association of marketers and business owners in Gombe state, has applauded the Central Bank of Nigeria (CBN), for direct intervention on lower denomination banknotes.
The CBN approved direct disbursement of the lower denominations to business agents in exchange for higher bills.
This measure, according to CBN, will ameliorate the plights of business agents over the inadequate circulation of the lower denominations and difficulties encountered by economic agents such as marketers, merchants, shopping malls, super markets, etc.
Speaking during the public sensitisation and enlightenment campaign on the initiative held at the Gombe Central Market, on Thursday, the president of the amalgamation, Saidu Suleiman Maikusa, commended CBN for the initiative, saying the development will go a long way in boosting sales and easing transactions.
“The shortage of lower currencies affected our daily sales and earnings, and most transactions are sometimes forfeited due to shortage of the lower denominations.”
“I have turned down buyers severally due to lack of change to give them, in this period of hardship, and I believe many of our members here have similar stories. We will forever be grateful to CBN” Mr. Maikusa added.
Speaking earlier, the Director, Currency Operations, Central Bank of Nigeria, Mrs. Priscilla E. Eleje, represented by Usman Dansabo, explained that the objective of the intervention was to ease the accessibility of these notes and consequently, address the dearth of these denomination in circulation.
The banknotes were to be delivered to beneficiaries without any extra costs to them, adding that the Central Bank has devolved a framework of assessing the judicious use of the disbursed funds.
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