The Central Bank of Nigeria, CBN says it will soon phase out the circulation of the lower denominations of the naira.
Making this known at an e-naira sensitisation exercise in Asaba Delta state on Friday, Aminu Bizi, CBN consultant on e-naira disclosed that the N5, N10, and N20 notes which have been weakened by the declining purchasing power of the naira will soon be out of circulation.
“So very soon, you may not be seeing N5, N10 or N20 notes in circulation because CBN is using money to print these notes, and at the end of the day this N5, N10, N20 will be abused,” Mr Bizi said.
Further making a case for the wide adoption of e-naira, Mr Bizi disclosed that the apex bank was losing money replacing mutilated notes abused by market women and traders, and other members of the public.
Mr Bizi suggested that the e-naira platform will be made available for transactions as low as N50.