Amidst the raising pressure among Nigerians and banks over the scarcity of the naira notes in circulation, the Central Bank of Nigeria (CBN) recently distributed cash to three local governments in Kano.
There are 24 local governments without banks among the 44 local governments that make up the state.
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According to a representative of the CBN, the exercise is being watched to ensure that people in rural areas can exchange their old naira notes for new ones.
“In order for them to benefit from exchanging their old naira notes for the new naira note, CBN has made provision for cash to be disbursed to rural places where there is no convenient road to the local government and no banking infrastructure,” the representative said.
The Apex bank has said it will extend the process to the remaining 21 local governments in the states.
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