Skip to main content

News

August 16, 2013

CBN to take delivery of new naira notes by September – Lemo

The Central Bank of Nigeria will take delivery of new naira notes before the end of September for circulation, the Deputy Director, Operations, Dr Tunde Lemo, has said.

Lemo stated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
The apex bank had earlier said that new naira notes would be in circulation by June, and that the smaller denomination notes (N5, N10, N20, and N50) would be reprinted on paper.

“We are going to take delivery of the new notes from this month of August. We will take delivery of the new notes before the end of September.

“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.

On the scarcity of the lower denomination notes, Lemo blamed commercial banks for what he called “poor circulation”.

“For the lower denomination; well, I think the banks are really the ones that are really not allowing the lower denomination in circulation, largely, because of the carrying value.

“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.

 

Comments

Post a Comment

Popular posts from this blog

Inside Africa

August 20,2013 Divided Egyptians united in grief Many people across Egypt have been burying their dead following the violence of recent weeks The recent violence in Egypt has claimed the lives of people on both sides of the country's political divide. But while the bloodshed is polarising the country further, grief is one thing uniting them, says the BBC's Ahmed Maher. Here in Alexandria, Egypt's second largest city, it was a tragedy that left the family of Ahmed Qadri devastated. Mr Qadri was shot twice in his chest and abdomen as security forces launched a brutal crackdown on the Brotherhood supporters camping outside Rabaa al-Adawiya mosque in Cairo on 14 August. A senior Muslim Brotherhood leader in his hometown, Mr Qadri is survived by a wife and three children. His 22-year-old eldest son, Fidaa, says he will not get over the death of his father for the rest of his life. Fighting back tears, Fidaa said he mad...
Post a Comment
Read more

News

August 19, 2013 We heard fire victims cry for help –Residents   Ekene   Neighbours of a family that perished in an inferno in a building located in Shagari Estate, Lagos State, said they heard the victims’ cries for help. PUNCH Metro had reported last week Thursday that a family of five lost their lives after  fire engulfed their three-bedroom apartment in the early hours of Wednesday. The victims of the fire were the mother, Mrs Anwuzia, the children, Ekene 16, and Emeka 17, an aunt, identified only as Philomena, and another yet-to-be- identified man. It was learnt that the father was not at home when the incident occurred. A friend of the children, who spoke to our correspondent on the condition of anonymity, said he was talking to one of the victims when the incident happened. He said, “Around 11.30pm that day, I was chatting with Ekene on the telephone and after sometime, she stopped responding. I was later told by another fr...
Post a Comment
Read more
My Level Has Changed. Ace comic actor, Hafiz Oyetoro spoke with GBENRO ADESINA about the challenges he faced before his breakthrough. How far have you gone with your Ph.D programme at the University of Ibadan (UI)? I am still on it. This is my second year. I am currently doing some field work. I hope to round off the field work by the end of this year. Afterwards, I will start writing. How are you combining it with your tight schedule? Everybody knows what he wants in life. You have to create time to do all the things you want to do and that is why everyone must be good in managing his or her time. Definitely, scale of preference will come in. No one has time to combine many necessary and important things but one has to create time to achieve one’s dream. You did an advert for Etisalat and all of a sudden, you switched over to MTN. Why did you switch from Etisalat to MTN? I will not want to say anything about that for now. Please, do not let us go there. It is no go ...
Post a Comment
Read more