The Senate is investigating the scarcity of lower naira denominations, which the lawmakers considered a threat to the economy. The denominations are N5, N10, N20, N50, N100 and N200.
Following the adoption of a motion by Senator Peter Nwaoboshi (Delta-North) titled, ‘Scarcity of Lower Denomination Currency Notes,’ the Senate resolved to mandate the joint Committee on Banking, Insurance and Other Financial Institutions; and Finance to investigate the scarcity. The committee was further asked to proffer lasting solution to the issue and report back within two weeks.
In the motion, Nwaoboshi said, “The Senate notes with serious concern the protracted scarcity of lower naira denominations. “It is concerned that scarcity of N5, N10, N20, N50, N100 and N200 notes poses a severe threat to the economy of the nation, which is just recovering from recession, as it is worsening inflationary trends, with attendant consequences.