CBN....On February 28th 2007, as part of the economic reforms, N50, N20, N10 and N5 banknotes and N1 and 50K coins, were reissued in new designs. While a new denomination N2 coin was introduced.
Currency in Circulation:
Notes : N1000 | N500 | N200 | N100 | N50 | N20 | N10 | N5
Coins: N2 | N1 | 50 Kobo
But the reality of today in the market is that, there no N2, N1, N0.5(50k) why? i can boldly say that the missing currency increase inflation, influence the value of other currency against Naira, hereby cause hike price and cheating in the market. although nigeria is an importer country, that everything we consume come from foreign land, still our currency is powerful, i maintain! by dolging market or cheating market we cause hardship to our self! the reality is there for all, in my study on this idea, as i said earlier, i go through many markets and see where the problem lie, in the market there are common language people use to bid or bargain that need no interpretation; e.g naira is widely use, muri, wasso, "jika" and "apo" among yoruba and beyond; that is where i realise that by using the most influence and wide spoken and accept word for our formula there wont be a problem for people to adopt and accept it; the reason why i take wasso which is derived from "WASSOBIA"
So, i concluded that when dropped inactive(not in circulation)kobo, replace it with our ₦ remain in it' two digit decimals as kobo with the same value of today and let it compete with it's world counterpart, and use wasso in place of ₦ same value as of the ₦ of today in the market, then life will be worth living for the masses, other reforms is secondary.
so we will be a nation of ₦&₩...naira&wasso. instead of naira and kobo
again many economists said that we have inflation when there is much money in circulation, they were wrong!
what about if there no money in circulation?...it lead to what? the same inflation, that's where our monetary problems lie!

Over to you faileconomization.

Illiterate, can you tell me what you can buy with one naira today?

12Monkeys:
Illiterate, can you tell me what you can buy with one naira today?

I dey pity the guy. See as the guy dey hussle to open threads for NL regarding economics. Just like Buhari the chief dullard wey fail him papers dey superintend over the economy of Naija

12Monkeys:
Illiterate, can you tell me what you can buy with one naira today?

...ha! an elite... you know one naira is worthless and you take it to world market to buy valuable(dollar) one $; you know one naira is worthless and you want it to equal the worthy $!
bunch of ignorant!

naijaboy756:
I dey pity the guy. See as the guy dey hussle to open threads for NL regarding economics. Just like Buhari the chief dullard wey fail him papers dey superintend over the economy of Naija

...why didn't you pity yourself that go to school and didn't see beyond your nose! The CBN issue 12 denominations in circulation and it left 8 denominations today in circulation, worst, nigerian official currency symbol on which it's the engine of our economy is among the missing denomination, and you didn't ask why?

l even disagree with the idea of our economists that say our economy woe is because we are importer nation...that all what we consume come from foreign country! yah it may be, but we are not consuming for nothing, we pay tax! also supplier can never monopolize market without the consumer, that's why Nigeria pull all the producing country today, we are the market where they sell their product any producing country that say no to nigeria market to her peril!
also nigeria is the market for all west-african regional countries and beyond, like it or not, you will come to nigeria for product, we don't only sell product to them, they pay tax, we don't only import product from them, they pay tax! it's left to us to make use of the opportunities. all these and many, support the buying power of our currency (₦) globally.
so if we make use of the missing currency in our circulation thing will be alright very soon!