THE apex bank, the Central Bank of Nigeria (CBN) on Friday breaks silence over the persistent scarcity of lower denominations of naira in the market, accusing the commercial banks of flouting CBN directives, which instructed that all banks must withdraw monies in a minimum of four different denominations.
The Acting Controller of Yola CBN branch, Alhaji Abba Baba Titiwu, told The Guardian Friday in Yola that the attitude of commercial banks operators has constituted a harsh economic environment for small scale business men and women due to lack of lower denominations of naira in the market.
“Commercial bank managers will come to CBN and make a request for a withdrawal of N100 million or more and they will say that they want only N1000 and N500 naira notes, if we insist to give them N100 and N50 or N20 naira they will claim that the money is for ATM. But the question is which kind of ATM will take N100million naira,” he said.
Titiwu who is the Assistant Director Banking services disclosed that in order to reduce the burden of scarcity of lower denominations of naira on small scale business men and women the Yola branch of the CBN has fashioned out a policy of giving out the lower denominations directly to business people that needed the lower naira notes for their businesses at the bank office.
Source: Guardian
No comments:
Post a Comment