Why is there never enough change in Nigeria.

As far as I can remember, when you go buy stuff there is always a problem with getting your change, expecially if it is a smaller denomination.

When I in the UK I rarely  experience such a problem. Even if your change is one pence or one pund, it will always be available for you but in Nigeria, you sometimes can't even get a one hundred naira change.

After all these years, CBN should have done its survey enough to know the denomination that is most requested for by people ( usually N5 to N100) and print more quantities of these.

Nigerians suffer too much, including suffering something as simple as getting their change when they purchase good or services

Apart from the fact that CBN did not release much of these into circulation, Nigerians dont like carrying coins about. The link below shows the story of how a driver was seriously beaten as he gave coins as change (fare balance) to a passenger.

http://www.guardiannewsngr.com/breaking_news/article01

@funloving, in Uk u notice that prices of things are 5.99, so when u buy somthing u are always going to have change, in d smallest denomination. i think d re-introduction of coins in the country is a good idea, however like most ideas/projects in nigeria it hasnt been fully implemented. what we need is a pricing strategy, that is the cost of goods must/should be divided into smaller decimals, prices of things in nigeria should be N200.50 kobo, bring the kobo back, it will reduce inflation, and make change avail .

@funloving, in Uk u notice that prices of things are 5.99,  so when u buy somthing u are always going to have change, in d smallest denomination. i think d re-introduction of coins in the country is a good idea, however  like most ideas/projects in nigeria it hasnt been fully implemented.  what we need is a pricing strategy, that is the cost of goods must/should be divided into smaller decimals,  prices of things in nigeria should be N200.50 kobo, bring the kobo back, it will reduce inflation, and make change avail .

Nigerians do not like coins traditionally. Whoever brought the idea for the CBN to print these new coins should be fired.

You need to study the history of currencies and cultures so that you can understand that some things just don't work with some people. Imagine selling satchet pure water on the streets of New York.

The problem with change is that Nigerians like to carry big, big notes. They don't like carrying change except when they have an immediate need for it. You can imagine somebody who wants to withdraw N5,000 will demand five notes of N1,000.

The only time Nigerians wish they had low denominations is when they need it for change. They don't just carry change as money. If someone buys something with a N500 note and is given change of N460 all in N20 denominations, the person will start cursing.

The Central bank should not print any more currency. If they withdraw the amount of higher denomination notes and replace them with "change" there will be serious competition between those who really need to carry large volumes of cash and those who just like carrying high denomination notes around for fun. If the government does not withdraw the higher denomination notes and just increases the amount of lower denomination notes, they'll be excess liquidity in the system and that is bad in more ways than one.

The CBN or Almighty Government has nothing to do directly on this matter. Indirectly though, they are encouraging the use of e-money: credit cards, wise transfers, debit cards and ATMs. That is going to cut down on the demand for change when all these new forms of e-money become very popular among Nigerians and we are getting there soon.

That is your solution to the change problem.

@denex
Nigerians like big denominations cos the money is so devalued imagine withdrawing 5k in N20 notes. u would get 21/2 bundles that would only just fill ur fuel tank.
We used to carry coins in the past when it could actually buy something.
I think the solution might be encouraging/promoting card payments so the issue of change does not arise at all.

Yes. Using cards to pay for goods and services is the only way I foresee ending this and some other currency issues in Nigeria.