Senate Probes Scarcity Of Lower Denominations Of Naira
Nigeria’s Senate joint Committee on Banking, Insurance and Financial Institutions has been mandated to investigate the rationale behind scarcity of lower naira denomination in the country.
The decision reached at Tuesday’s plenary, followed a motion sponsored by the Chairman of the Senate committee on Niger Delta, Senator Peter Nwaobosi, in which he stated that the lack of lower denomination was injurious to a country that has exited from recession.
Senator Nwaoboshi expressed concern that scarcity of lower denomination was also responsible for inflationary trends, arguing that the Central Bank of Nigeria has not printed denominations in the last one year.
He further sought Federal Governmnet’s action, noting that Nigeria was a developing nation that cannot do without availability of lower denominations in the economy.
“I am concerned that scarcity of 5, 10, 20, 50, 100 and 200 naira notes poses a threat to the economy of the nation, which is just recovering from recession, as it is worsening inflationary trends, with attendant consequences,” he stated.