We will reduce the volume of N500 and N1000 in circulation – CBN Governor, Emefiele

Governor of the Central Bank of Nigeria, Godwin Emefiele has announced that overtime, there will be a decrease in the circulation of N500 and N1000 notes. He claimed that the high volume of higher denominations could be part of the factors fuelling inflation in the country,

According to him, in the UK the highest denomination which is the £50 is rarely in circulation when compared to £10

He said; “Rarely you find some people spend £20. Nobody sees £50. If you go around carrying £50 in the UK, they will begin to suspect you. Whereas, the reverse is what is happening in Nigeria. Nigerians want to carry N1,000 or N500.

“In fact, we’re beginning to see or think that increasing the high denomination bills is also part of what may even be fuelling inflation. So, over time, we will reduce the volume of N500 and N1000 in circulation.

“Let people carry N50 around. If you want to do high-value transactions, embrace online, embrace our agency programme, embrace our mobile banking programme. That is what you need. You want to conduct legal banking or financial services transactions, you have no business carrying N1,000.”