Enforce acceptance of N2, N1, others, Reps charges CBN
The Central Bank of Nigeria (CBN) has been urged to enforce the acceptance of N2, N1 and 50 kobo coins as means of exchange in the country.
The House of Representatives challenged the apex bank today after a motion was moved by Muda Lawal (APC, Bauchi) on Tuesday during plenary session.
The lawmakers also asked the commercial banks to comply with the use of coins.
Lawal had, in his motion, questioned the non-acceptance of these denominations since their reintroduction by CBN under the leadership of Sanusi Lamido.
He argued that the recent persistent hike in prices of goods and services could be linked to the non-acceptance of the lower denominations.
Lawal said: “Injecting low denominations and coins into the economy will go a long way in curbing price inflation and stabilizing the economy.”
He stated that “lack of coins and other lower denominations have resulted in prices being summed up to the nearest Naira equivalent.”
The lawmaker added that “despite the huge budgetary sum that was expended by the federal government in the production of coins as part of the legal tender, the said coins seem to be extinct at the moment.”
The motion was taken without debate while the House Committee on Banking and Currency was mandated to ensure compliance.