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Central Bank of Nigeria Withdraws Naira Notes to Address Scarcity

The Central Bank of Nigeria (CBN) has announced that it is removing about N2.3 trillion from circulation in a bid to address the scarcity of naira notes in the country. However, this move may lead to the persistence of naira scarcity, according to some experts. The CBN issued a circular on Thursday, stating that it had decided to discontinue the production of the N5, N10, and N20 naira notes, while simultaneously increasing the production of the N50, N100, N200, and N500 denominations, with the goal of promoting efficiency in the printing of naira notes.


"The N5, N10, and N20 denominations will no longer be printed, and we will be increasing the production of the N50, N100, N200, and N500 notes. We want to assure the public that the value of the naira is still intact," the CBN said in the circular. While some experts believe that discontinuing the production of the lower denominated naira notes will lead to higher efficiency in the cashless economy, others argue that this move will have little or no effect on the prevalence of naira scarcity, as many people in the country still prefer to transact with lower denominations. Meanwhile, the CBN has urged the public to continue to transact businesses with the legal tender currency--naira, and other digital forms of payment. "We want to urge members of the public not to hoard the naira or transact businesses with foreign currencies. The naira is still the legal tender in Nigeria, and we encourage people to use it for their transactions, as well as other digital forms of payment," the CBN stated. The move has been viewed differently by Nigerians, as some believe it will help mitigate the scarcity of naira notes while others think it will negatively impact the economy.

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