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Poor naira handling cost Nigeria N192bn in 5 years
Poor handling of the country's currency notes is routine affair when you visit the local markets and among the elite while holding a social function. This is one culture will must stop.
Local market traders and their ways of handling the Naira
The concern which was raised at by the Mr Benedict Maduagwu, an Assistant Director in the Currency Operations of Central Bank of Nigeria (CBN) noted that the cost of currency maintenance to the government in 5 years is about N192 billion (average N32.8 billion).
Mr Maduagwu further encourages Nigerians to desist from this attitude, especially at social events.
“Between 2005 and 2010, the CBN spent about N192 billion on the maintenance of currency.”
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Mr Maduagwu also disclosed to the journalists at the sideline of a week-long fair across the federation to create awareness about various interventions and programmes of the CBN aimed at growing their business and stimulate economic growth.
“As I speak to you, the figure would have grown more than that. The effort in the cashless policy and the public sensitisation are all aimed at the reduction of the cost of currency management.”
Mr Olu Vincent, Deputy Director in the Trade and Exchange Department of the CBN also stated that: “We are here to let everyone know the very interventions meant to stimulate economic growth, especially the non-oil export aspect."
Participants at this events were also argued to embrace e-payment platforms which will greatly reduce physical cash handling and enhance business transactions in a more convenient and secure manner.
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