Nigeria’s lower-denomination naira notes have not disappeared from circulation, but changing payment habits and the rapid shift towards digital transactions are reducing their availability, the Central Bank of Nigeria (CBN) has said.
The apex bank moved to calm concerns over the scarcity of N100 and N200 notes, insisting that the denominations remain legal tender and have not been withdrawn. Olayemi Cardoso, CBN Governor said the reduced presence of smaller notes in the economy reflects a shift in currency demand as more Nigerians adopt electronic payment channels and rely less on physical cash.
Cardoso, who spoke after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said the scarcity was driven by market dynamics rather than any decision by the central bank to remove the notes from circulation.
“Unless the central bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,” he said, urging
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