CBN plans fresh campaign against naira abuse

The Central Bank of Nigeria, CBN, says it will soon embark on another phase of  “massive campaign” against the abuse of the naira.

Mr Ugochukwu Okoroafor, the CBN Director of Corporate Communications, told newsmen on Thursday in Lagos that most Nigerians still mess up the naira.

Okoroafor stated that the campaign has become necessary to ensure that government did not continue to spend huge sum of money in the reprinting of torn notes.

He reiterated that the huge amount of money spent yearly to reprint torn notes necessitated the introduction of the proposed N5000 note.

He said that the N5000 note would reduce the high cost of managing torn notes annually.

Okoroafor stressed that N5000 note was cheaper for the government to maintain than printing smaller denominations. NAN