Naira Scarcity: Nigerians beg CBN, banks to dispense N100, N50 notes

“I started gathering the N100 and N50 notes since January when the heat of the January 31 deadline enveloped the nation.”

News Agency of Nigeria • February 16, 2023

N100 and N50 NOTES

As the effects of the current cash crunch bite harder, Nigerians have called on the Central Bank of Nigeria to prevail on commercial banks to dispense N100 and N50 notes to Nigerians.

They made the call in separate interviews on Thursday in Lagos.

Benedict Chukwuweike, an accountant, said dispensing the N100 and N50 notes would help solve the immediate challenge of access to the new naira notes.

Mr Chukwuweike noted that in countries like the United States, the highest denomination in circulation is $100 and that Nigeria could imitate the U.S. as issuing more N500, N1,000 banknotes becomes a problem.

According to him, the development will help to curb inflation and attract more value to the nation’s currency.

Eniola Gbadamosi, a teacher, said dispensing the N100 and N50 notes should have been the alternative until issues surrounding the new naira notes were resolved.

According to her, the N100 and N50 banknotes have become valuable to her.

“I started gathering the N100 and N50 notes since January when the heat of the January 31 deadline enveloped the nation,” stated Ms Gbadamosi. “Little did I know then that the crunch would degenerate into what it is now. Today, my N100 and N50 notes have been very useful.”

Catherine Lawson, an unemployed youth, said she boarded a bus on Wednesday using N100 and N50 notes.

Judith Chukwukadibia, a lawyer, said that since the crisis started and those in the urban areas were crying for cash, she knew it would be worse in the rural areas.

“So, what I quickly did was to change my money into N50 notes which I sent to my parents in the village. The aim was to avoid (the) pressure my parents would go through. I didn’t want them to be stranded,” Ms Chukwukadibia explained. “I am happy that the step has proved very helpful. I even did (the) same to myself and have been very comfortable since the naira crunch started.”

Meanwhile, President Muhammadu Buhari has said old N200 notes remain legal tender until April 10.

In a nationwide broadcast on Thursday, he said the old and new N200 bills would exist side by side to ease the cash scarcity.

(NAN)

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