The Central Bank of Nigeria, CBN, has released guidelines for the disbursement of lower denominations of the naira through microfinance banks, MFBs across the country.A circular issued by the Director, Currency Operations Department of the apex bank, Mrs. Patricia Eleje, 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 are considered for the scheme.

 This, according to the CBN, was to ensure that only MfBs with good corporate governance practices take part. Similarly, the MFBs are allowed to exchange notes subject to a maximum of fifty, thousand naira for customers with bank accounts and ten thousand naira for customers without bank accounts. In that situation, the banks must not exchange for same beneficiaries more than once a week.