Senate probes scarcity of lower naira denominations

The Senate is investigating the scarcity of lower naira
denominations, which the lawmakers considered a threat to the
economy.

The denominations are N5, N10, N20, N50, N100 and N200.

Following the adoption of a motion by Senator Peter Nwaoboshi
(Delta-North) titled, ‘Scarcity of Lower Denomination Currency
Notes,’ the Senate resolved to mandate the joint Committee on
Banking, Insurance and Other Financial Institutions; and Finance to
investigate the scarcity.

The committee was further asked to proffer lasting solution to
the issue and report back within two weeks.

In the motion, Nwaoboshi said, “The Senate notes with serious
concern the protracted scarcity of lower naira denominations.

“It is concerned that scarcity of N5, N10, N20, N50, N100 and
N200 notes poses a severe threat to the economy of the nation,
which is just recovering from recession, as it is worsening
inflationary trends, with attendant consequences.

“The Senate notes that the nation’s currency is highly essential
and critical in national development; and if mismanaged, the
economy is doomed with adverse effect on the people and the
nation.

“The Senate is worried that banks in Nigeria no longer dispense
lower naira denominations, with the excuse that they hardly receive
them from the Central Bank of Nigeria.

“The Senate is worried also that reports in the media over the
issue are not cheery at all.”

The senator stressed that the lower denominations were printed
and procured outside the country with the attendant economic and
security implications.

“The Senate notes further that if the situation is not remedied
urgently, it may lead to total collapse of the economy,” Nwaoboshi
stated.

Seconding the motion, Senator Magnus Abe stated that the lower
denominations remained a legal tender in the country and decried
their scarcity in the polity.

Abe warned that deliberate attempts by some forces to reject the
lower denominations from effective circulation might make currency
regulators to lose control of the process.

The Senate is investigating the scarcity of lower naira
denominations, which the lawmakers considered a threat to the
economy.

The denominations are N5, N10, N20, N50, N100 and N200.

Following the adoption of a motion by Senator Peter Nwaoboshi
(Delta-North) titled, ‘Scarcity of Lower Denomination Currency
Notes,’ the Senate resolved to mandate the joint Committee on
Banking, Insurance and Other Financial Institutions; and Finance to
investigate the scarcity.

The committee was further asked to proffer lasting solution to
the issue and report back within two weeks.

In the motion, Nwaoboshi said, “The Senate notes with serious
concern the protracted scarcity of lower naira denominations.

“It is concerned that scarcity of N5, N10, N20, N50, N100 and
N200 notes poses a severe threat to the economy of the nation,
which is just recovering from recession, as it is worsening
inflationary trends, with attendant consequences.

“The Senate notes that the nation’s currency is highly essential
and critical in national development; and if mismanaged, the
economy is doomed with adverse effect on the people and the
nation.

“The Senate is worried that banks in Nigeria no longer dispense
lower naira denominations, with the excuse that they hardly receive
them from the Central Bank of Nigeria.

“The Senate is worried also that reports in the media over the
issue are not cheery at all.”

The senator stressed that the lower denominations were printed
and procured outside the country with the attendant economic and
security implications.

“The Senate notes further that if the situation is not remedied
urgently, it may lead to total collapse of the economy,” Nwaoboshi
stated.

Seconding the motion, Senator Magnus Abe stated that the lower
denominations remained a legal tender in the country and decried
their scarcity in the polity.

Abe warned that deliberate attempts by some forces to reject the
lower denominations from effective circulation might make currency
regulators to lose control of the process.