A contemporary financial assessment by Quartus Economics has outlined why the Central Financial institution of Nigeria, CBN, should introduce higher-value foreign money notes resembling N10,000 and N20,000.
In line with the report, introduction of upper foreign money notes would restore the naira’s portability and scale back the rising value of money transactions.
The report, titled ‘Is Africa’s Eagle Caught or Hovering Again to Life?’ mentioned the continued depreciation of the naira had rendered the N1,000 notice, the nation’s highest denomination, virtually out of date by way of buying energy.
“To make the naira transportable once more, Nigeria can introduce higher-value payments, e.g., N10,000 or N20,000 notes, or redenominate the foreign money fully,” the report said.
The report dismissed claims that issuing higher-value notes might worsen inflation, describing such assumptions as a “fantasy unsupported by proof”, and famous that inflation is pushed by cost-push and demand-pull elements, not by foreign money denomination.
“Inflation is cost-push or demand-pull. Neither is expounded to foreign money denomination. As a substitute, nations introduce greater notes to take care of portability after an period of foreign money depreciation.
“Nations introduce higher-value notes to take care of portability after a interval of serious foreign money depreciation, to not set off inflation,” the report clarified.
DAILY POST stories that the buying energy of the naira had been on a declining following rising inflation within the nation.
The inflation price stood at 18.02 per cent as of September, whereas the alternate price was N1,448.20 per greenback at at Wednesday, October 29, 2025.
