Reps task CBN to reinforce use of coins as legal tender

The House of Representatives on Tuesday tasked authorities of the Central Bank of Nigeria (CBN) on the need to reinforce the use of Coins as a Legal Tender in Nigeria.

The resolution was passed sequel to the adoption of a motion sponsored by Hon. Muda Umar.

In his lead debate, Hon. Umar explained that as part of the economic reforms under the former CBN Governor, Sanusi Lamido Sanusi, N50, N20, N10 and N5 banknotes were re-issued with new designs as well as the coining of N1 and 50 kobo, while a new N2 coin was introduced on February 28, 2007.

“The House also notes 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 House observes that the day to day business transactions of ordinary Nigerians have been significantly affected as the lack of coins and other lower denominations have resulted in prices being summed up to the nearest Naira equivalent, a situation that can best be described as inflation in economic terms.

“The House is worried that while other countries make use of coins for their daily financial transactions, the Nigerian coins comprising 50kobo, N1 and N2 have not been fully utilized in that regard.

“The House believes that injecting low denominations and coins into the economy will go a long way in curbing price inflation and stabilizing the economy,” he noted.

To this end, the House urged the apex bank to reinforce the use of coins as a legal tender and ensure that Banks comply with the use of coins to the fullest.

The House mandated its Committee on Banking and Currency to ensure compliance.


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