The Central Bank of Nigeria (CBN) says it is planning to reduce the volume of higher denominations — N500 and N1000 — in circulation to tame inflation.
Godwin Emefiele, governor of CBN, said this on Tuesday while fielding questions from journalists at the monetary policy committee (MPC) meeting in Abuja.
Emefiele said increasing the high denomination of the currency could be part of factors fuelling inflation in the country.
Making reference to the United Kingdom, he said the highest denomination in the UK is £50, adding that the most spent currency in the country is £10.
Meanwhile, President Muhammadu Buhari has unveiled the redesigned naira notes.
The redesigned notes presented to the public are the country’s highest currency denominations, including N200.
