IGBERETV REPORT

The House of Representatives on Tuesday, 22nd March, 2022 urged the Central Bank of Nigeria to reinforce the use of coins as a legal tender in the country.

In a resolution it passed in Abuja, the House called on the apex bank to ensure that commercial banks complied with the use of coins to the fullest.

A member from Bauchi State, Rep. Muda Lawal Umar, moved the motion on the matter, which was unanimously passed by his colleagues.

Leading the debate, he argued that the lack of coins had significantly affected smooth financial transactions involving particularly ordinary Nigerians, who now bore the brunt of prices summed up to the nearest Naira equivalent.

His motion reads partly, "The House notes that on February 28, 2007, 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 as well as the coining of N1 and 50 kobo, while a new N2 coin was introduced.

"Also notes 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 said coins seem to be extinct at the moment.

"Observes that 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.

"Worried that while other countries make use of coins for their daily financial transactions, the Nigerian coins comprising 50 kobo, N1 and N2 have not been fully utilised in that regard; Believes that injecting low denominations and coins into the economy will go a long way in curbing price inflation and stabilizing the economy."

His key prayer was to "urge the Central Bank of Nigeria to reinforce the use of coins as a legal tender and ensure that Banks comply with the use of coins to the fullest."

The motion succeeded by a unanimous voice vote.

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nonsense and useless resolution.


A bag of satchet water is #300,
Fuel is #230 per litre,
a satchet of milk is #80,
Multichoice just announced that they will increase price for all the packages they offer starting from April 1st..

Legislative Oversight Function is no longer functioning.

Even if you like, reinforce "stones" a failed economy is a failed economy

They don't know what they are doing because most of them don't spend ₦50 not to talk of coins and moreover ₦10 is useless in Nigeria as at today as you cannot buy anything in the market with ₦10.

Which coin ?

BITCOIN ?
That's nice

Enaira ?
That's rubbish

Thank God they our law makers are now beginning to feel the heat and getting sense . If the coins was still in circulation inflation rates would not have been this high. No nation economy succeeds without the coins

This people no dey reason well at all, why can't dey talk about the so much hardshipp people are feeling especially the high price of products and services including fuel and so on, they are busy talking about coins, that would not have any form of monetary value and economic importance.

Fvck you all.

They are looking for Avenue to loot again to reinforce coins is not going to be free for central bank. Also this is not the best solution to this economic downturn .neither is going to solve anything you as a government you don't create or build anything that alone prevent you from regulating the price of products in the country your coins is going to be useless as 5 10 note.

BKayy:
Even if you like, reinforce "stones" a failed economy is a failed economy

Bringing back the coins + sound price regulation will boost the economy, reduce inflation and hardship

Just look at these silly clowns ..so coins are now to blame for the inflation caused by Buharis bad governance

Maybe you can enforce it in the E-naira. I think it would be very useful online on sites like AliExpress, Amazon etc.

Esama:
They are looking for Avenue to loot again to reinforce coins is not going to be free for central bank. Also this is not the best solution to this economic downturn .neither is going to solve anything you as a government you don't create or build anything that alone prevent you from regulating the price of products in the country your coins is going to be useless as 5 10 note.

In as much as I understand your pains and your heart to make this country better, I must say that enforcing the use of the coins and cutting off wastage will bring back the economy to fitness, the #5 and #10 would be useful, the 1000 naira note will be limited but will only be available to Importers and exporters, you will see the magical boost the economy will experience

SarkinYarki:
Just look at these silly clowns ..so coins are now to blame for the inflation caused by Buharis bad governance

Stop been political for once let's be economical. If the use of coins was enforced prices would have been in Odd numbers not even. Like where am currently residing the price of sachet water was increased from #10 to #20 why because producers tried to make the sale fall on even but if the coins was in used in our day to day business even with the economic crisis the price would have been sold for #12 by so doing consumers won't be feeling the heat that much

Lol I'm just laughing at you cutting off wastage do you think Nigerian government know what they call linkage? The wastage you just mentioned is for their own benefit.

WATCHOVER:

In as much as I understand your pains and your heart to make this country better, I must say that enforcing the use of the coins and cutting off wastage will bring back the economy to fitness, the #5 and #10 would be useful, the 1000 naira note will be limited but will only be available to Importers and exporters, you will see the magical boost the economy will experience

God bless Prof C. C. Soludo.

He proposed a re-denomination of the Naira 16 years ago, but the proposal was thrown out by members of the National Assembly then. Re-denomination would have helped our naira. Looting forces inside the then NASS blocked it seeing that their hidden loots could not find their way into the banks. I still have some of the coins introduced by the Central bank while S Lamido was the governor.

Coins were discussed by Soludo, but were subverted by certain political forces in the country, after its introduction by S Lamido. Today, everyone suffers it. Our N5, which is the least denomination, is hardly found anywhere thereby affecting the purchasing power of the masses.

I hope the CBN can look at it seriously and introduce coins beginning from one kobo.

The last time I used a coin in Nigeria was at a native doctor's place in Ugbiyoko.
I don't see myself using one except a herbalist demands for it.

But it's amazing how we use the Pence and Cents effortlessly but have a problem using the kobo.

God bless the Honourable members that moved and supported this motion.
I really don't understand why any country will totally jettison the use of coins as a legal tender.
The crazy methodology of always rounding up all financial transaction to a round figure is criminal and must be stopped.
Why should pure water be 15 or 20 naira per satchet,when u have more than 9 figures between 10-20 naira.
Why should noodles be sold as round figures,I mean it's either 70,80,90,100 naira.
Why can't we accept the fact that 1,2,3,4,6,7,8,9 naira is also money.
The most annoying is sweet and biscuits like tom-tom and all the other brands.
I don't know why Tom Tom or Vicks sweet be sold for 10 naira,it's criminal.
People don't understand that this obsession with rounding up figures is one of the reasons for galloping Inflation in Nigeria.
A price increase of a product from 5 to 10 Naira is calculated as 100% price increase.
Even developed economies are still using these coins,but trust the average Nigeria to feel carrying around coins belittles him,very funny and crazy citizens we have in Nigeria.
People fail to understand that most supermarkets in Nigeria always price their items using estimated numbers like 1039,955,and other estimated figures because they know no Nigerian will ever ask for change when checking out.
Nigeria banks are the master of using estimated figures,check all your transaction during the month,all banks charges are never rounded to the nearest 5 or 10,they understand the power of adding an extra 1, 2,3,4,6,7,8 or 9 naira will never raise alarm from the Average Nigerian customer so they continue to drain your saving with the little kobos and the naira charges.
Nigerians must accept the fact that kobos and the little naira are legal tender that must be accepted during financial transaction,anyone who rejects it should be arrested and sent to jail as an example to other citizens.
God bless Nigeria.

Lol.. How na? When the naira continues to lose value; the 5-50 naira can hardly buy anything now in nigeria? These people are clowns.

What's the meaning of this rubbish?

Even biscuits is now N20, Tom Tom sweet N20

What do they want us to buy with coins??

Or they want to start selling biscuits N18.50k?

Reps be like... ��

When #10 and #20 have been coming useless, these old fools are there discussing about coins.
Make na no worry, #100 will soon become the lowest denomination

to do wat

You voted an illiterate in a corrupt nation.

Now you want to vote for a criminal and thief.. Tinubu..

Kuku murder us all

What for ? Are they going to use it, or they just want to look relevant

Ehy

Benin boy

NwaAmaikpe:





The last time I used a coin in Nigeria was at a native doctor's place in Ugbiyoko.
I don't see myself using one except a herbalist demands for it.

But it's amazing how we use the Pence and Cents effortlessly but have a problem using the kobo.

Very good