The House of Representatives has urged the Central Bank of Nigeria to reinforce the use of coins on Nigerians. House of Reps made the call during Tuesday's plenary session in Abuja. The lawmakers want the "use of coins as a legal tender and ensure that Banks comply with the use of coins to the…The House of Representatives has urged the Central Bank of Nigeria to reinforce the use of coins on Nigerians.
The resolution came after a motion moved by Muda Umar, a lawmaker representing Toro Federal Constituency, Bauchi State. Naira coins are no longer in circulation in Nigeria after due to their diminished value and inflation. CBN last issued new coins in 2007 with N2 being the highest naira denomination in coin. That year, ₦1 and 50 kobo, which were coined in 1991, were reissued in new designs.
₦1, 50 kobo, 25 kobo, 10 kobo and 1 kobo coins were introduced in 1991 while 1/2 kobo and 5 kobo coins were phased out in that year.
Source: Law Daily Report (lawdailyreport.net)
This decision might look stupid bcos the economy is completely bad already, but I can guarantee Nigerians it's a best decision that can restore the hope of a common man ithe society if the government do the needful
Best decision that can help to gradually restore our economy and hope to the masses
CBN use it to first pay their salaries.
How The economy is so bad the coins have become worthless
Which coin, Bitcoin or what coin? Abeg tell CBN to regulate Crypto that's all
Currency wey strong na dem dey use coins not naira
To buy wetin?
No b pipo like una kill am? Abi soludo nor introduce am in 2014? Wetin dem Wan buy with coins for Nigeria, when u can't buy buscuit ₦20. Are u pipo normal? Or una dey use una left leg dey think. Ye ye fifo
In the country where ₦5 & ₦10 notes are useless. The coin better be ₦30 & ₦40 ooo
Its very difficult to spend 5.00 notes these days and you want to take Nigerians back to those coins? The economy ought to be taken back rather and people will start spending those coins without CBN's intervention.
You guys just wake up to say things that makes absolutely no sense! Use of coins my foot when the available currency is worth almost nothing.
Use of coin my foot when 5, 10 is gradually facing out. It is simple inflation is hitting hard on the Nigeria economy. HouseNGR
Why can't you, your boss and all guardian Nigeria staff just sat down to think of the commodity coins would buy before making it a news...stop bullying us medially..
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