The Central Bank of Nigeria (CBN) says it has released guidelines for the disbursement of lower denominations of the Naira through microfinance banks (MFBs) across the country.
The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja on Thursday.
Okorafor said this development was contained in a circular issued by the Director, Currency Operations Department of the bank, Mrs Patricia Eleje, in Abuja on Thursday.
He explained that the circular indicated that all microfinance banks must have a Composite Risk Rating (CRR) of above average in the most recent Risk Based Supervision (RBS) target examination before they were considered for the scheme.
He explained that the measure was to ensure that only MFBs with good corporate governance practices took part, NAN reports.