₦airaland Forum

There's a large scarcity of lower denomination of naira notes. Talk of five naira, 10 naira, 20 naira it's like they have been decommissioned altogether or are produced at very low quantities

They are required to only balance change. They can’t be used to purchase goods, except in the northern part of the country.

MONEY247:
There's a large scarcity of lower denomination of naira notes. Talk of five naira, 10 naira, 20 naira it's like they have been decommissioned altogether or are produced at very low quantities

Producing a packet of those notes costs over 12,000 naira. It will be foolishness for them to continue producing those notes.
The only alternative right now is to either introduce higher denomination from 10,000 naira upward or to replace the naira completely.

I can't remember the last time I saw N5 and N10 notes......I see N20 at times so I believe it's still in circulation.

I have 20 & 50 Naira Notes in my wallet

Go to any beggar, dem don kolobi dos notes

5, 10 & 20 naira should be converted to coins. The lowest paper note should be N50.

thesolutions:
Producing a packet of those notes costs over 12,000 naira. It will be foolishness for them to continue producing those notes.
The only alternative right now is to either introduce higher denomination from 10,000 naira upward or to replace the naira completely.

Do it and a $ will turn 5000naira

Kingray10:
Do it and a $ will turn 5000naira

Dollar is just a piece of paper. It's is worthless if we don't need it. But since we need it, the value is dependent on the need and not on the Naira denominations.
While it will make printing money easier and cheaper, it can only affect the value of dollar if government prints it just to buy foreign exchange from those earning in dolla.

thesolutions:
Producing a packet of those notes costs over 12,000 naira. It will be foolishness for them to continue producing those notes.
The only alternative right now is to either introduce higher denomination from 10,000 naira upward or to replace the naira completely.

It will be counterproductive, the likes of#200, #500 and 1k note will also be rendered useless just like #20,#50 and #100 notes.

thesolutions:
Producing a packet of those notes costs over 12,000 naira. It will be foolishness for them to continue producing those notes.
The only alternative right now is to either introduce higher denomination from 10,000 naira upward or to replace the naira completely.

Stop yarning dust. Nobody will introduce 10k notes

The low quality of critical thinking skills in this country is alarming

The cost of printing, transportation, storage and processing them is not financially viable to the CBN

If you need those currencies consult the nearest beggar by the road side but be ready to pay premium price for it

The cost of the production I believe makes cbn to abandon the production. Imagine using 5k to print 50 naira. Nah assume I deh assume I'm not financial expet

Guess CBN don dey withdrawn it from circulations .Make una sha kip some for your kidd.

I still have those 5k.10k coins .

My children,my world

20 naira and 10 wet still dey my hand

What can you buy with #10? It no longer has any purchasing power

Bahamas95:
I can't remember the last time I saw N5 and N10 notes......I see N20 at times so I believe it's still in circulation.

Have things has gotten to this point?
Which denomination do police now collect?

The question should be, what can a single note of that currency get you in the country. It has lost its value. Even aboki tells you, Wetin make I give you sweet or gum with your change

MONEY247:
There's a large scarcity of lower denomination of naira notes. Talk of five naira, 10 naira, 20 naira it's like they have been decommissioned altogether or are produced at very low quantities

We ve gone cashless...thats way to go

Cmanforall:

Have things has gotten to this point?
Which denomination do police now collect?

N200

Abi nor be Nigeria you dey stay? 😃

MONEY247:
There's a large scarcity of lower denomination of naira notes. Talk of five naira, 10 naira, 20 naira it's like they have been decommissioned altogether or are produced at very low quantities

Inflation has eaten them up

Is inside my pocket now, if u need to see DM me with ur fees charge attached

[quote author=thesolutions post=139373473]Producing a packet of those notes costs over 12,000 naira. It will be foolishness for them to continue producing those notes.

only alternative right now is to either introduce higher denomination from 10,000 naira upward or to replace the naira completely.

This is how you know those who don't know anything about economics. The only alternative is to reduce inflation, introducing a higher denomination would only worsen the inflation problem and retire the other lower denomination completely. Replacing the Naira will nuke the economy Kpata kpata

femi4:
We ve gone cashless...thats way to go

Hahahaha
And countries where their income are pretty okay are still using coins and they have even the lowest denomination of one pence.

I guess your name says it all.... But I might be wrong.

I have a box where I do keep 5, 10, and 20 naira.
I will show them to my kids when these currencies goes on extinction.

MONEY247:
There's a large scarcity of lower denomination of naira notes. Talk of five naira, 10 naira, 20 naira it's like they have been decommissioned altogether or are produced at very low quantities

I get N20naira for my wallet

Atarakpa:
The cost of the production I believe makes cbn to abandon the production. Imagine using 5k to print 50 naira. Nah assume I deh assume I'm not financial expet

Cbn don't print currency but Nigerian security Printing and Minting PLC

100 naira should be the last note bcs nothing you can buy with 10, 5, and 50 naira anymore.

It is only in d south we are quick to reject lower denomination, go to North dey are still spending dem

Denomination is better option for Nigerian Naira.