The Senate on Tuesday mandated its committee on banking, insurance and other financial institutions to probe the scarcity of lower currency denominations in the country. The lower denominations in short supply are N5, N10, N20, N50, N100 and N200.The red chamber said the scarce denominations are critical to the economic development of the country essentially as it just exited from recession.
This resolution followed an adopted motion sponsored by Senator Peter Nwaoboshi, who said most commercial banks explained why they no longer circulate the lower denominations because the Central Bank of Nigeria (CBN) has ceased to supply them. The lawmaker noted with concern that for the past one year, the CBN did not award contract for the printing of the lower currency notes. He further said, “The lower denominations were printed and procured outside the country with the attendant economic and security implications.”
However, CBN was asked to introduce the coins as an alternative to the lower notes for it was said to be more sustainable and have longer shelf life than currency notes. The Senate also on Tuesday subjected the Finance Minister, Kemi Adeosun and Minister of Power, Works and Housing Babatunde Raji Fashola to serious interrogations over their roles in the alleged diversion of $350 million.