{"id":451496,"date":"2011-07-01T06:25:37","date_gmt":"2011-07-01T06:25:37","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/01\/cbn-spends-n150bn-annually-to-maintain-naira-notes-%e2%80%93-moghalu\/"},"modified":"2011-07-01T06:25:37","modified_gmt":"2011-07-01T06:25:37","slug":"cbn-spends-n150bn-annually-to-maintain-naira-notes-moghalu","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/01\/cbn-spends-n150bn-annually-to-maintain-naira-notes-moghalu\/","title":{"rendered":"CBN spends N150bn annually to maintain naira notes \u2013 Moghalu"},"content":{"rendered":"
\n

Lagos\u2014 THE Central Bank of Nigeria, CBN, Deputy Governor (Financial System Stability), Dr Kingsley Moghalu, says the apex bank spends about N150 billion annually to maintain the naira.<\/p>\n

Moghalu, who disclosed this at a public forum in Lagos, said the amount was used to produce, store, transport, protect and destroy the naira notes every year.<\/p>\n

He said the cashless policy, being promoted by the CBN, would offer opportunities to trace movement of funds.<\/p>\n

Moghalu said investors\u2019 fear about constant systemic crisis in the banking sector was responsible for inability of the troubled banks to resolve their crisis immediately.<\/p>\n

He said the CBN should be allowed to sort out the problems associated with mergers and acquisitions in some these banks, adding that CBN was not interested in liquidating any bank.<\/p>\n

The CBN deputy governor said that the mergers were still on track, adding the apex bank had made various options available to them.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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Lagos\u2014 THE Central Bank of Nigeria, CBN, Deputy Governor (Financial System Stability), Dr Kingsley Moghalu, says the apex bank spends about N150 billion annually to maintain the naira. 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