Emefiele To Reduce Volume Of N500 And N1000 Notes To Tame Inflation.

telegram3
119 Views
Emefiele To Reduce Volume Of N500 And N1000 Notes To Tame Inflation.
Godwin Emefiele.

The Central Bank of Nigeria Governor, Godwin Emefiele on Tuesday revealed to journalists in Abuja plans to reduce the volume of higher denominations to tame inflation.

Thank you for reading this post, don't forget to subscribe!

The apex bank reveals plans to reduce the volume of N500 and N1000 Naira notes in the country to tackle inflation.

Emefiele made this known during a session with the journalist at the monetary policy committee (MPC) meeting in Abuja on Tuesday.

According to Emefiele the increase in the two highest Naira notes could be part of the factors fuelling inflation in the country hence the decision.

He, however, references the United Kingdom, stating that the highest denomination in the UK is £50, adding that the most spent currency in the country is £10.

“Rarely do you find some people spend £20. Nobody sees £50. If you go around carrying £50 in the UK, they will begin to suspect you. Whereas, the reverse is what is happening in Nigeria. Nigerians want to carry N1,000 or N500,” he said.

“In fact, we’re beginning to see or think that increasing the high denomination bills is also part of what may even be fuelling inflation.

“So, over time, we will reduce the volume of N500 and N1000 in circulation.

“Let people carry N50 around. If you want to do high-value transactions, embrace online, embrace our agency programme, embrace our mobile banking programme. That is what you need. You want to conduct legal banking or financial services transactions, you have no business carrying N1,000.”

Please follow and like us:
RSS
Follow by Email
Twitter
Visit Us
Follow Me
LinkedIn
Share
Instagram

Enjoy this blog? Please spread the word :)

RSS
Follow by Email
Twitter
Visit Us
Follow Me
LinkedIn
Share
Instagram
×

Hello!

Click one of our contacts below to chat on WhatsApp

× How can we make you smile today?
%d bloggers like this: