Governor of the Central Bank of Nigeria, Olayemi Cardoso, says lower naira denominations such as N5, N10, N20, N50, and N100 notes are still legal tender in Nigeria.
Cardoso made this clarification while answering questions at the briefing following the 306th Monetary Policy Committee meeting on Tuesday.
According to him, the scarcity of lower naira denominations in circulation is due to the forces of demand and supply.
He said, “They (lower naira denominations) are still legal tender. To the extent that the Central Bank has not said otherwise, please assume they are legal tender.
“The question as to why we do not have as many of them in circulation as may be perceived is a question of demand and supply, quite frankly.”
Recall that the CBN MPC retained the interest rate at 26.50 percent for the second consecutive meeting, against the backdrop of a 15.91 percent inflation rate recorded in June.
