{"id":61705,"date":"2022-03-22T20:51:02","date_gmt":"2022-03-22T19:51:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10"},"modified":"2022-03-22T21:39:17","modified_gmt":"2022-03-22T20:39:17","slug":"reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10","title":{"rendered":"Reps ask CBN to enforce coins, despite most commodities being above N10"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The House of Representatives has asked the Central Bank of Nigeria to enforce the acceptance of coins, such as N2, N1 and 50k.<\/p>\n

The directive is coming at a time when inflation has forced other higher denominations like N10 and N5 to become irrelevant in the market, as most items cost above those currencies.<\/p>\n

The resolution for the reintroduction of the lower denomination followed a motion moved by Muda Lawal.<\/p>\n

It would be recalled that the former Central Bank Governor, Sanusi Lamido had re-introduced N1 and 50k, while a new N2 was introduced, however, due to several factors, the legal tenders did not achieve wide acceptance.<\/p>\n

In his motion, Lawal said despite the huge amount of money spent on the production of those monies, they appear to have gone out of circulation.<\/p>\n

\u201cDespite 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\u201d.<\/p>\n

He blamed the recent inflation rocking the country on the lack of use of those lower denominations.<\/p>\n

\u201cLack 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,\u201d Lawal said.<\/p>\n

Subsequently, the House asked the Committee on Banking and Currency to ensure compliance.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The House of Representatives has asked the Central Bank of Nigeria to enforce the acceptance of coins, such as N2, N1 and 50k. The directive is coming at a time when inflation has forced other higher denominations like N10 and N5 to become irrelevant in the market, as most items cost above […]<\/p>\n","protected":false},"author":84,"featured_media":61704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,503,254,1589],"class_list":["post-61705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria","tag-reps"],"yoast_head":"\nReps ask CBN to enforce coins, despite most commodities being above N10 - Nigeria<\/title>\n<meta name=\"description\" content=\"The House of Representatives has asked the Central Bank of Nigeria to enforce the acceptance of coins, such as N2, N1 an ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reps ask CBN to enforce coins, despite most commodities being above N10\" \/>\n<meta property=\"og:description\" content=\"The House of Representatives has asked the Central Bank of Nigeria to enforce the acceptance of coins, such as N2, N1 an ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-22T19:51:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-22T20:39:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/03\/img-623a33d7dcb06.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reps ask CBN to enforce coins, despite most commodities being above N10\",\"datePublished\":\"2022-03-22T19:51:02+00:00\",\"dateModified\":\"2022-03-22T20:39:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\"},\"wordCount\":252,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/03\/img-623a33d7dcb06.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\",\"Reps\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/reps-ask-cbn-to-enforce-coins-despite-most-commodities-being-above-n10\",\"name\":\"Reps ask CBN to enforce coins, despite most commodities being above N10 - 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