By Bakare Majeed
Abuja – The House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure acceptance of N2, N1 and 50 kobo coins as means of exchange in the country.
The lower chamber also asked the commercial banks to comply with the use of coins.
This resolution was a sequel to a motion moved by Muda Lawal (APC, Bauchi) on Tuesday during plenary.
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.
Currently, Nigeria’s inflation rate is at 17.33 per cent, the highest in four years.
However, the runaway inflation , has been blamed on the ongoing Russia-Ukraine war and its effects on energy and food supply.
But 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. (Premium Times/vitalnews)