I don't know if anyone had observed it, there seems to be no change in the market. Whenever you tender a 500 or 1000 naira bill to a seller, the next thing you would hear is, 'oga no change o'. You'll later end up not buying the stuffs you intended buying because, there's no change. As funny as this may sound, it's very frustrating and annoying. Could this be a general thing or just peculiar to lagos alone? Or could it be that CBN is hoarding the lesser bills?
Please people share your experience.

It is the same situation everywhere, i think CBN is hoarding the lesser notes because of the planned phasing out of polymer notes and re-introduction of paper notes next year for the lesser currencies

CBN mandate NSPM to print notes at an intervals unlike his predecessors, the strategy is to reduce cost of printing & volume of cash in circulation.
I think this mallam SLS brain is saturated he has really exhausted all his knowledge on Nigerian politics & fighting words with okonjo iweala on the state of economy.

I once learnt that it cost #4 to print a note.So it seems they have reduced the volume of the smaller denominations.And to control the manace of the divisibility of bigger bills;they introduced the cashless policy which is yet to be generally acceptable.

I think we need to focus more on the price of Garri.

I have no idea... All the same Merry Xmas to all nairalanders!

If you are rich, you won't care. Pray to baba God to bless your hustle.

The scarcity of the lesser notes baffles me.most Banks in Abuja could not give mints to their customers. But the annoying part is that those mallams at Dei Dei Abuja have enough mint to sell n is very costly.

PAGAN 9JA:
I think we need to focus more on the price of Garri.

Seriously? Don't u tink uve outgrown this lame joke?

Merry Xmas to you all.

the cbn should use coins for the lesser notes as they last far far longer. that is the policy worldwide and nigeria should follow suit.

This was the very same question I have been asking lately

Yea same everywhere...

Could this be a general thing or just peculiar to lagos alone? Or could it be that CBN is hoarding the lesser bills?
Please people share your experience.

I think it's everywhere. Even simple 100naira change,e no easy to get.

[size=14pt]the educated fool called sanusi is still busy enslaving the economy , cant believe the official CBN website looks like a common blogsite which indicate the articulate incompetency and few activities that are beneficial to the economy, if you are intelligent enuf, you can deduce the truth and the health of our economy by comparing the data below[/size]


Central Bank Current Rate Next Meeting Last Change
Federal Reserve (FED) 0.00%-0.25% Jan 29, 2014
European Central Bank (ECB) 0.25% Jan 09, 2014
Bank of England (BOE) 0.50% Jan 09, 2014
Swiss National Bank (SNB) 0.00%
Reserve Bank of Australia (RBA) 2.50%
Bank of Canada (BOC) 1.00% Jan 22, 2014
Reserve Bank of New Zealand (RBNZ) 2.50%
Bank of Japan (BOJ) 0.10% Jan 22, 2014
CBN 12% Unchanged
[size=14pt]how will this really favor the foreign investors that will nourish and transform the economy, yet this officials in our nation are busy looting heavy amount of the national treasure in milions of $$$$ yet he cant deal with inflation effectively##[/size] May God punish those rulers acting like leaders

I observed it's somewhat common during every yuletide. I don't see any peculiarness this season; that has always been the trend. I may be wrong thou.

I think it is because people hardly collect money from the teller these days, ATM gives only 500 or 1000 naira note.

this my own open letter to NL......MeRrY xMaS

Thieves like to deal with higher denominations as it is easier to buy bullet proof cars...Atm machines dont even provide 500 naira notes again so you should understand that the government is in support of higher denoms to be able to loot the economy well...DUBU DAYA THINGS...God will save us NIGERIA...By the way..MERRY XMAS NLDERS...LOVE YOU ALL AND HAVE A LOVELY HOLIDAY AND HAPPY NEW YEAR...Say no to corruption!!!

How can there be scarcity of lower denominations when banks refuse to collect them if you have lots of it.

Practically, all the banks in Ota reject bundles of #100 bills including other lower denominations.

Their reason is : nobody wants them.

grandstar: the cbn should use coins for the lesser notes as they last far far longer. that is the policy worldwide and nigeria should follow suit.

And have you ever asked yourself why the other coins lost their purchasing power? How many people will like to put coins inside their wallet and move around with them? Bros do some research and articulate your point well to make sure it isn't going to have any negative effect before commenting. This kind of proposal is capable of escalating further inflation in the economy.

best4best: I think it is because people hardly collect money from the teller these days, ATM gives only 500 or 1000 naira note.

This is not the reason.

ATMs have been around for years and the scarcity of lower bills is a recent issue.

Moreso, even banks complain of scarcity of lower bills.

seangy4konji: Thieves like to deal with higher denominations as it is easier to buy bullet proof cars...Atm machines dont even provide 500 naira notes again so you should understand that the government is in support of higher denoms to be able to loot the economy well...DUBU DAYA THINGS...God will save us NIGERIA...By the way..MERRY XMAS NLDERS...LOVE YOU ALL AND HAVE A LOVELY HOLIDAY AND HAPPY NEW YEAR...Say no to corruption!!!

I really don't understand the relationship between your post and scarcity of lower bills.

marion g: I observed it's somewhat common during every yuletide. I don't see any perculiarness this season; that has always been the trend. I may be wrong thou.

It predates the yuletide and has nothing to do with it.

marion g: I observed it's somewhat common during every yuletide. I don't see any perculiarness this season; that has always been the trend. I may be wrong thou.

Who still says yuletide in 2013? And 'perculiarness' is not a word, 'peculiarity' is the word you're looking for. Can we just speak English like normal people and stop embarrassing ourselves with pretentious words? The idea is to COMMUNICATE.

OMO IBO: How can there be scarcity of lower denominations when banks refuse to collect them if you have lots of it.

Practically, all the banks in Ota reject bundles of #100 bills including other lower denominations.

Their reason is : nobody wants them.

This sounds strange.

Banks have no right to reject lower bills.

Just last week, I saw tellers receiving lower bills in a bank.

MR. WHINNIG:
They are not hoarding it. Most people do not like to move around with the so-called lesser bills because of their low purchasing power and near worthlessness. Who would like to stuff his pocket and wallet with N5 notes? What people buy things with is what they will be given to them back as balance.

What of N10, N20 and N50?

What happens when you buy an item that costs N460 and pays with N500.

The 'divisibility' function that lower bills perform is more than their face value.

WHIZBRO: If you are rich, you won't care. Pray to baba God to bless your hustle.

What's the definition of being 'rich' to the extent that you won't need the 'divisibility' function of lower bills?

The richest countries of the world still have lower bills.

Yea,i noticed it 2,its so annoying wen its sumtin u really nid badly,u av 2 go luking 4 change 4 d seller because sum dont even bother abt luking 4 change

Frankly speaking I'm getting really pissed off with the issue of lack of lower denomination in the market. I always I have to spend unnecessarily in order to have change before boarding a lagos danfo bus so that I won't have any issues with the conductor. There should be atm machine that specifically dispenses lower denominations like 50 to 200 naira.
Disappointed why CBN doesn't see this as an issue. It drives inflation up.

no be jona fault? i dey wait make someone say na him fault. the mobile money cbn rolled out is what is making headline on CNN and we don't want to embrace it. try to use these channels and keep all your cents intact

codebrew85: I don't know if anyone had observed it, there seems to be no change in the market. Whenever you tender a 500 or 1000 naira bill to a seller, the next thing you would hear is, 'oga no change o'. You'll later end up not buying the stuffs you intended buying because, there's no change. As funny as this may sound, it's very frustrating and annoying. Could this be a general thing or just peculiar to lagos alone? Or could it be that CBN is hoarding the lesser bills?
Please people share your experience.

It is not in Lagos alone. It is a common observation in the south south. Many are saying it is caused by the preponderance of ATM in the economy. Considering really that ATM hardly pays with "change", and it is assuming a larger pay role, it may be the culprit.

Yes I think so. The total amout of change I have let go within the last 2 weeks should be over 1000 naira now. Even this morning, I left a change of 80 naira as a fastfood.