Lagos, Oct. 30, 2025 – Quartus Economics, an economic review report, has advised the Central Bank of Nigeria (CBN) to issue higher denomination naira notes of N10,000 and N20,000 to make the Nigerian currency portable.
The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, advised that the higher denomination notes would help to reduce the cost of cash transactions.
It said the continued depreciation of the Nigerian currency had reduce its purchasing power, hence the high cost of cash transactions.
“To make the naira portable again, Nigeria can introduce higher-value bills, e.g., N10,000 or N20,000 notes, or redenominate the currency entirely.
“Inflation is cost-push or demand-pull. Neither is related to currency denomination. Instead, countries introduce higher notes to maintain portability after an era of currency depreciation.
“Countries introduce higher-value notes to maintain portability after a period of significant currency depreciation, not to trigger inflation,” the report said.
It said that the depreciation had made everyday transactions in Nigeria burdensome, particularly in the informal sector, where cash remains dominant.
“Traders, artisans, and rural consumers now carry large volumes of cash for transactions that could easily be done with a few higher-value notes.
“Outside the formal sector and the urban elite, the naira’s heavy weight is a drag on the economy and slows down growth. Besides, the cost of printing and transporting today’s low-value notes is prohibitive,” the report said. (Punch)
