gtag('config', 'G-4J8L8BEK7P');
Connect with us

Hi, what are you looking for?

Economy

REPS ASK CBN TO RE-ENFORCE SPENDING OF COINS

The House of Representatives has urged the Central Bank of Nigeria (CBN) to re-enforce the use of coin as a legal tender in the country.

The lawmakers also asked CBN to ensure that banks comply with the use of coin to the fullest.

This is sequel to the adoption of a motion moved by Umar Muda Lawal (APC, Bauchi) at plenary on  Tuesday.

Advertisement. Scroll to continue reading.

Presenting the motion, the lawmaker reminded that, as part of the economic reforms under the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, N50, N20, N10 and N5 banknotes were reissued with new designs on February 28, 2007, adding that N1 and 50 kobo coins were reintroduced, while a new N2 coin was also introduced.

Umar lamented that despite the huge budgetary sum that was expended by the Federal Government in the production of coins as part of the legal tender, the coins seem to be extinct at the moment.

He said, “The day-to-day business transactions of ordinary Nigerians have been significantly affected as the lack of coins and other lower denominations have resulted in prices being summed up to the nearest naira equivalent, a situation that can best be described as inflation in economic terms.

“While other countries make use of coins for their daily financial transactions, the Nigerian coins comprising 50kobo, N1 and N2 have not been fully utilized in that regard. Beliefs that injecting low denominations and coins into the economy will go a long way in curbing price inflation and stabilizing the economy.”

Advertisement. Scroll to continue reading.

 

2 Comments

2 Comments

  1. bentyl price

    November 21, 2022 at 4:46 am

    Dicyclomine is a muscarinic receptor antagonist that decreases gastrointestinal smooth muscle motility from the stomach to the
    colon. This agent relaxes the.

  2. 792 kez izlendi. Kategori Klasik Sex Filmleri, Romantik Erotik, Yabancı Sex Filmleri.
    Ailesiyle beraber yaşayan genç kız annesinin ve diğer kız kardeşinin yaşadıklarını görür.
    Abisi onların başka erkeklerle zorla para karşılığı
    beraber olmasını ister. Buna karşılık olarak kendisine
    yüksek paralar kazanmasına ve.

Leave a Reply

Your email address will not be published. Required fields are marked *

In other news

National

In a bid to clear the backlog of passport applications, the Nigeria Immigration Service (NIS) has directed passport offices to work on Saturdays. “The...

Local

Oyo state governor, Engr Seyi Makinde has conferred Justice of the Peace awards on 400 distinguished citizens, including the deputy governor of Oyo state, Barr....

National

Former Head of State, Gen. Abdulsalami Abubakar and former President Goodluck Jonathan, were among prominent Nigerians conferred with the prestigious National Peace Awards 2022....

Tech

The Federal Government said it will, on Thursday, November 24, award contracts that would accelerate the deployment of broadband infrastructure across the country.  The...

Sports

Israel Adesanya has been arrested in New York, local media said on Wednesday. The UFC star was taken into custody by the police and...

National

The Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday, approved a total sum of 2,578,948,164:36 kobo only for the procurement...

Advertisement