CBN Governor Clears the Air on Status of N5, N10, N20, N50 and N100 Notes

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed that lower naira denominations, including the N5, N10, N20, N50 and N100 notes, remain valid legal tender across the country.

Cardoso made the clarification while responding to questions during a media briefing after the 306th Monetary Policy Committee (MPC) meeting held on Tuesday.

He attributed the limited circulation of the lower denomination notes to market forces driven by demand and supply.

“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,” he said.

Recall that the apex bank’s Monetary Policy Committee retained the Monetary Policy Rate (MPR) at 26.50 per cent for the second consecutive meeting, despite Nigeria recording an inflation rate of 15.91 per cent in June.

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