In what seems to be a response to the cries of Nigerian traders over the acute shortage of lower denomination currency notes, the Central Bank of Nigeria (CBN) on Tuesday kicked off an exercise aimed at flooding the market with N100, N50, N20, N10 and N5 notes.

Speaking at a sensitization programme held at the Wuse Market in Abuja on Tuesday, the Director, Currency Operations of CBN, Mrs. Priscilla Eleje said the apex bank was unhappy that the lower denomination naira notes were in short supply and promised to tackle the problem headlong.

She warned those who hoard the lower denomination naira notes for the purpose of profiteering from their resale to jettison such ideas as according to her, anyone caught in the act would be prosecuted and made to face the full wrath of the law.

Mrs. Eleje said: “We spend money to print money every year. But we don’t see the money in the market. So, we called the trade unions and banks to a meeting in our office on how to resolve that.

“We are here to inform you that we have started giving money to your traders through your associations and the banks. We will monitor the disbursements and spending. No more sale of lower denomination currency at Pei Pei market.

“The Police is on the lookout and will arrest and prosecute offenders. We will give the money to the association via the commercial banks. All you need to do is take your higher denomination currencies to your association and exchange with lower denomination currency equivalent.

“It’s not like the money is free. It’s just an exchange and we want it to be available to you people to do your business with ease. So, please let us know if you can’t access it. We want to ensure you trade seamlessly.”

She said the banks have been directed to return any counterfeited currency to the CBN to enable them study the features which are vulnerable to easy duplications to enable them improve on such in the future.