As the cash crunch deepens, Nigerians have urged the Central Bank of Nigeria to compel commercial banks to dispense N100 and N50 notes. The call was made in separate interviews with the News Agency of Nigeria (NAN) on Thursday in Lagos.
Accountant Benedict Chukwuweike argued that issuing N100 and N50 notes would immediately improve access to cash. He noted that, in countries such as the United States, the highest circulating denomination is $100, and suggested that Nigeria could follow a similar model. He warned that the issuance of larger bills, such as N500 and N1,000, could exacerbate inflation and diminish the currency’s value.
Teacher Eniola Gbadamosi said that providing N100 and N50 notes should have been the interim solution while the redesigned notes were being resolved. She explained that these smaller denominations have become essential for coping with the naira shortage. “I began collecting N100 and N50 notes in January, when the January 31 deadline loomed over the nation. I never imagined the crunch would worsen, but today those notes have been invaluable,” she said.
Unemployed youth Catherine Lawson told NAN that she boarded a bus on Wednesday and was fortunate to have N100 and N50 notes on hand. Lawyer Judith Chukwukadibia added that, since the crisis began, urban residents have been scrambling for cash, and she feared the situation would be even worse in rural areas. “I quickly exchanged my money for N50 notes and sent them to my parents in the village to spare them the pressure of being stranded. The step has proved very helpful, and I have been comfortable ever since the naira crunch started,” she said.
Meanwhile, President (retired) Major General Muhammadu Buhari announced that the old N200 note will remain legal tender until April 10. In a nationwide broadcast on Thursday, he said both the old and new N200 bills will circulate side by side to ease the cash shortage.
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