In light of its intentions to restructure the naira, the Central Bank of Nigeria has vowed to safeguard Nigerians who live in rural, underserved, and unbanked regions. The CBN stated in a statement issued by its Director of Corporate Communications, Osita Nwanisobi, that it had been working with appropriate organizations and other financial system players to prevent the disenfranchisement of vulnerable individuals.
The growth in currency deposits among banks and other financial institutions, according to the bank, indicates some improvement.
According to the statement, “The CBN remains committed to the smooth implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the sizeable amount of cash outside the banking system and its use in criminal activities, curtailing counterfeiting, and promoting financial inclusion, among other things.
The Bank understands that certain rural regions and other geopolitical zones may not have an equal distribution of goods.