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Emefiele: We’ll shortly lower the amount of N500 and N1000 in circulation.

According to Governor of the Central Bank of Nigeria, Godwin Emefiele, plans have been finalized to restrict the amount of larger denomination notes, such as the N500 and N1000, in circulation in order to control inflation.

 

The highest denomination in the UK is £50, and the most common currency in use there is £10, according to Emefiele, who suggested that a significant amount of higher denominations may be contributing to the country’s high inflation rate.

 

He stated:

“It’s uncommon to see someone spend £20. £50 is invisible. In the UK, if you walk around with £50, people will start to wonder about you. In Nigeria, however, the opposite is taking place. People in Nigeria prefer to carry N1,000 or N500.

In actuality, we’re starting to notice or believe that growing the use of large-denomination bills is contributing to or even causing inflation.

 

“As a result, we will eventually decrease the amount of N500 and N1000 in circulation.

“Let folks walk about with N50. You should embrace internet banking, our agency program, and our mobile banking program if you wish to do high-value transactions. What you require is that. You have no business carrying N1,000 if you want to perform legitimate banking or financial services operations.

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