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.
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I suggest they put 1 million & 500,000 thousand Naira in coins and the rest will be history
We're is centrak bank Located in Nigerian?
When 1000naira note can't afford anything,,so tell how this thing is going to work
Retarded, unreasonable, reps. File in motion to rejuvenate the values of naira, you want to introduce coins. I threw a N5 naira note not too long into the waste bin because I couldn't buy anything with it, not even chewing gum. And the note was just there on my table staring at me for weeks.
In spite all the challenges facing our country, no reasonable issues to discuss in the house rather than to reinforce the use of coins which can no longer be used as a legal tender. Leaving leprosy to treat rashes is the stupidity of the highest order.
They should know that none of the coin can buy anything in Nigeria
It will good for jackpot Lotto 🤙
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