THE Senate, yesterday, urged the Central Bank of Nigeria, CBN, to urgently convert lower currency notes into coins to facilitate retail transactions in the country.


The upper chamber said it had become very imperative to make the use of coins compulsory because in developed countries as the United Kingdom, United States of America, USA; Japan, China, European Union, EU; and the entire United Arab Emirate, UAE, coins were used as means of exchange through cash transactions.


To make this very effective, the Senate has asked the CBN to sanction any commercial bank that refuses to collect coins from customers, even as it urged the apex bank to redesign the nation’s currency to cater for what it described as highly repetitive transactions of the country’s economy.

It also asked the CBN to intensify its sensitization campaign and other efforts to bring back coins into circulation in the nation’s market.

http://www.secretgist.com/2017/05/central-bank-of-nigeria-cbn-to-convert.html

they don't need to waste resources to mint coins cos no body will carry them...that will mark the end of 5,10 and probably 20 naira era.
Our economics for this country na theoretical,see as dem dey compare Nigeria with chaina ,Japan,EU and others.
confused people propagating cashless want to mint coins.
where N1, 5kobo and 10kobo dey?

.your reason is not tangible enough, the note stays

besides the disadvantage of using coins are pretty much wild..!

Of course, that's what's needed to drive down the inflation.








Awón oloribuku.

I jxt remembered back in d days wen we used dis kobo for offering and kwili-kwili




D day wen atm will pay me in coin I will run mad

Dis ppl sef... So dey want to add d burden of carrying coins around to d already heavy burden of living in Nigeria at d moment.. Have dey asked what happened to the last batch of coins dey launched? Even d banks were rejecting it back den and den it disappeared into oblivion. Except dey want to phase out lower denominations with style...

Jobless cbn

Lanretoye:
they don't need to waste resources to mint coins cos no body will carry them...that will mark the end of 5,10 and probably 20 naira era.
Our economics for this country na theoretical,see as dem dey compare Nigeria with chaina ,Japan,EU and others.
confused people propagating cashless want to mint coins.
where N1, 5kobo and 10kobo dey?

you are on point. They are removing them just like the kobos we used to av. Nigeria devaluing currency like say na play