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Naira, CBN, PDP, FAAC, assets

Kobo coins and failed monetary strategy

IN an apparent admission  of public rejection of lower Naira denominations for daily transactions, the CBN has embarked on a project designed to reportedly mop up, over-circulated and mutilated bank notes from the market. CBN Deputy Governor, Operations, Folashodun Ade Shonubi, announced, in April 2019, that the apex bank was putting in place strategies to enable “direct disbursement of lower bank notes to various market Associations and Merchants through their respective Deposit Money Banks (DMBs), in order to eliminate unfit and counterfeit currency from the system, to sustain public confidence and preserve the integrity of the National Currency, as enshrined in Section 2 of the 2007 CBN Act.”

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