CBN circulated five Naira and other lower banknotes worth N237.14 billion in 2019


The Central Bank of Nigeria (CBN) disbursed lower denomination banknotes worth N237.14 billion to microfinance banks (mfbs), merchants, shopping malls, market associations among others in 2019, to increase the circulation of such notes in the country.

The apex bank disclosed this in its 2019 annual report released yesterday.

The report stated:”In a bid to increase the circulation of lower denomination banknotes in the country, the Bank continued its direct disbursement of banknotes to microfinance banks, merchants, shopping malls, market associations, toll gates, among others.

A total disbursement of N7.72 billion was made to various market associations, merchants and retailers in fourteen (14) states at end-December 2019.

Approval was given to Union Bank Plc in May 2019 to participate in the Scheme and it disbursed the sum of N117.42 billion in lower denominations through their configured ATMs/OTC across the country, while 3 microfinance banks disbursed the sum of N112 million.”

Meanwhile, the CBN circulated N2.4 trillion during the period. This represents a five percent rise in currency in circulation when compared to N2.3 trillion circulated in 2018.

The regulator stated: “Currency-In-Circulation (CIC) grew by 4.9 per cent to N2.4 trillion at end-December 2019. The growth in CIC reflected increased use of cash in the economy.

“ A breakdown of the CIC indicated that, in terms of volume and value, the proportion of higher denomination banknotes (N100, N200, N500 and N1000), in total, rose to 45.8 and 97.7 per cent, from 44.3 and 97.6 per cent in 2018, respectively.

The lower denomination currency notes continued to dominate in terms of volume, constituting 54.2 per cent of the total. In value terms, it constituted 2.3 per cent of total banknotes.”

During the review period, over 128,000 kg of polymer waste was evacuated, generating about N4.5 million for the apex bank.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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