CBN Don Dey Face Pressure To Release ₦10,000 And ₦20,000 Notes

New economic report by Quartus Economics don urge Central Bank of Nigeria (CBN) make dem introduce bigger money notes like ₦10,000 and ₦20,000 to help restore di naira’s power and make transactions easier. Di report, wey dem title “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warn say naira don fall so tey di current ₦1,000 note don almost useless for buying anything meaningful. Dem talk say when di ₦1,000 note first show face in 2005, e worth nearly $7, but now e no reach 60 cents. Di economists yarn say introducing bigger notes no go cause inflation, because inflation na from cost and demand wahala, no be from printing higher denomination.

According to di report, naira don lose 94% of im real value in di last 20 years, and dis don make cash wahala worse for traders, artisans and market people wey still dey depend on hand-to-hand money. Quartus Economics talk say carrying big bundles of ₦500 and ₦1,000 notes don turn heavy burden, while di cost of printing and moving dem don too high for CBN. Dem suggest say ₦10k and ₦20k notes go reduce printing cost, make business faster and modernise di economy just like other developing countries. Di think tank remind people say CBN bin wan bring ₦5,000 note in 2012 under Sanusi Lamido Sanusi but Nigerians reject am, though dem insist say di policy make sense now as naira don crash badly, from ₦150 rice per kg in 2005 to ₦2,500 today, and flight ticket from ₦12k to ₦150k.