The Association of Bureaux De Change Operators of Nigeria has given its support to the Central Bank of Nigeria Clean Note Policy and Banknote Fitness Guidelines meant to remove dirty, mutilated and unfit Naira notes in circulation from the financial system.
He said the policy would also increase the level of money supply in the economy, and subsequently deepen the volume and value of credit available to real sector operators and other major segments of the economy. According to Gwadabe, the move by the apex bank to sanitise the estimated N7.9 trillion notes in circulation would enhance transparent currency management system, promote financial inclusion and enhance confidence of the informal sector in the financial system.
He said the policy remains the first step in its bid to address the sorry state of the notes in circulation and create a new culture for better handling of the local currency. He said the policy guidelines is backed by the Sections 18, 20 & 21 of the CBN Act 2007 which prohibits the counterfeiting, sale and abuse of the naira.
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