CBN GOVERNOR SPEAKS ON VALIDITY OF LOWER NAIRA NOTES

The Governor of the Central Bank of Nigeria (CBN), OLAYEMI CARDOSO, has reaffirmed that lower naira denominations, including the ₦5, ₦10, ₦20, ₦50 and ₦100 notes, remain legal tender across the country.

CARDOSO made the clarification while responding to questions at the media briefingfollowing the 306th Monetary Policy Committee (MPC) meeting held yesterday.

He explained that the limited circulation of the lower denominations is largely a result of demand and supply dynamics, not a decision by the Central Bank to withdraw them.

Meanwhile, the MPC retained the interest rate at 26.50 per cent for the second consecutive meeting, citing the country’s inflation rate of 15.91 per cent recorded in June.