Why lower Naira denominations are scarce – Cardoso
To the extent that the Central Bank has not said otherwise, please assume they are legal tender,” Mr Cardoso said in response to a question on whether lower denomination notes and coins remain valid for transactions.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the scarcity of lower naira denominations to declining demand, rather than the apex bank’s decision to withdraw the notes and coins from circulation.
Addressing concerns over the possible scarcity of lower denomination notes and coins, the CBN governor said the development reflects demand and supply dynamics as more Nigerians embrace electronic payment channels.
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