Nigerians ask CBN to supply more notes to ease hardship
By Jeph Ajobaju, Chief Copy Editor
Citizens have asked the Central Bank of Nigeria (CBN) to supply more N50 and N100 notes and to prevail on commercial banks to dispense them to ease the cash crunch hampering business and social life across the country.
They made the call in interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.
An accountant, Benedict Chukwuweike, said dispensing N50 and N100 and notes would help solve the immediate challenge of access to new naira notes.
Chukwuweike cited other countries with lower banknote thresholds, such as the United States which highest denomination mostly in circulation is $100.
He urged Nigeria to emulate such countries as the issuance of more N500 and N,1000 bills has become a problem.
According to him, doing so will help curb inflation and attract more value to naira.
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Stocking lower denominations as survival strategy
Eniola Gbadamosi, a teacher, argued dispensing N50 and N100 notes should have been the alternative pending when problems around new notes would be resolved, according to reporting by The PUNCH.
She disclosed N50 and N100 bills have become valuable to her as they help her cope with the naira shortage.
“I started gathering the N100 and N50 notes since January when the heat of the January 31st deadline enveloped the nation.
“Little did I know then that the crunch will degenerate to what it is now. Today, my N100 and N50 notes have been very useful,” Gbadamosi said.
An unemployed youth, Catherine Lawson, disclosed she travelled on a bus on Wednesday and was simply fortunate to have N50 and N100 notes on her.
Judith Chukwukadibia, a lawyer, said as the crisis started and those in urban areas were crying for cash, she knew it would be worse in rural areas.
“So, what I quickly did was to change my money into N50 notes which I sent to my parents in the village,” she disclosed.
“The aim was to avoid pressure my parents will go through. I didn’t want them to be stranded. I am happy that the step has proved very helpful.
“I even did same to myself and have been very comfortable since the naira crunch started.”
President Muhammadu Buhari announced in his national broadcast on Thursday the old N200 note would remain a legal tender until 10 April.
He said old and new N200 bills will exist side by side to ease the chaos.
