Cardoso blames declining purchasing power, digital payment adoption for scarcity of N100, N200 notes
Central Bank of Nigeria Governor Olayemi Cardoso attributed the scarcity of N100 and N200 notes to the rising adoption of digital payments and declining purchasing power. He emphasized that these denominations remain legal tender and are not being withdrawn from circulation.
Why it matters
The statement addresses public concerns regarding currency availability and reflects the central bank's push toward a digitized financial ecosystem.
The Central Bank of Nigeria (CBN) says lower-denomination naira notes are currently scarce due to growing adoption of digital payments and changing currency demand.
Olayemi Cardoso, governor of the CBN, spoke on Tuesday after the monetary policy committee (MPC) meeting in Abuja.
Cardodo said the scarcity does not mean the naira notes have ceased to be legal tender.
The CBN governor said Nigerians should continue to accept the N100 and N200 notes, adding that the apex bank had not withdrawn any denomination from circulation.
“Yes, they remain legal tender. Unless the central bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,” Cardoso said.
“As to why there appear to be fewer of these notes in circulation, it is largely a matter of demand and supply. The financial ecosystem is evolving in the direction we want it to, with greater financial inclusion and increased digitisation.
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