Amalgamated Association of Marketers, an umbrella body of market unions, associations and clubs, in Gombe state, has applauded the Central Bank of Nigeria (CBN) for the direct intervention on lower denomination banknotes, saying it is a wonderful development which will no doubt help in boosting business transactions.
In recognition of the important role markets play in economic transaction, and disturbed over the inadequate circulation of the lower denominations and difficulties encountered by economic agents such as marketers, merchants, shopping malls, super markets, etc, the management of CBN decided to approve the direct disbursement of the lower denominations to these agents in exchange of higher bills.
Speaking during the Public Sensitisation and Enlightenment Campaign on the initiative held at the Central Market in Gombe on Thursday, the President of the Amalgamation, Saidu Suleiman Maikusa, commended CBN, for the “wonderful” initiative, saying the development will go a long way in boosting their sales and easing transactions.
Maikusa, who said he lacked words to express his appreciation and joy on behalf of all the market associations, explained that, shortage of the lower denominations is really affecting the effectiveness of doing business.
“The shortage of lower currencies had affected our daily sales and earnings as most transactions are forfeited due to shortage of the lower denominations.”
“I have turned down buyers severally due to lack of change to give them. This is very frustrating in this period of hardship and I believe many of our members here have similar stories.”
Speaking earlier, Director, Currency Operations Department, Central Bank of Nigeria, Mrs. Priscilla E. Eleje, represented by Usman Dansabo, explained that the objective of the intervention, is to ease the accessibility of these notes and consequently, address the dearth of these denomination in circulation.
According to her, the disbursement would be made through commercial banks of identified markets association and other identified beneficiaries, adding that the account of the beneficiary must be funded before any withdrawal would be made.
The banknotes were to be delivered to the beneficiaries without any extra costs to them, adding that the Central Bank has devolved a framework of assessing the judicious use of the disbursed funds.
The framework consists of on the spot checks on the premises of the beneficiaries after the receipts of the notes, including a mystery shopper approach to determine defaulters.
In his welcome address the branch controller of CBN in Gombe, Shehu Alhaji Goringo, called on all markets and traders associations to key into the laudable initiative to promote effective and efficient business transactions and further enhance the availability of lower denomination banknotes in circulation.