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Inflation Makes N20, N10, And N5 ‘Irrelevant’ In Nigeria’s Economy
Inflation Makes N20, N10, And N5 ‘Irrelevant’ In Nigeria’s Economy....KINDLY READ THE FULL STORY HERE▶
As inflation continues to bite harder, lower denominations of the Naira currency, such as N20, N10, and N5, are becoming increasingly irrelevant in Nigeria’s economy, according to a report by Abdul Seye……..READ ALSO
Previously, these lower denomination notes were commonly used for small transactions, such as purchasing a sachet of pure water or settling small fees. However, their purchasing power has significantly diminished over the years due to the rising cost of goods and services.
A market survey highlighted by DAILY POST revealed that more than half of Nigeria’s legal tender notes can no longer make meaningful purchases. For example, a sachet of pure water now sells for N30, while candies like Tom Tom are retailed at two pieces for N50.
Despite the Central Bank of Nigeria (CBN) recognizing these lower denomination notes, their practical utility has diminished as prices are now often rounded up to 50 or 100 Naira, making the smaller denominations irrelevant.
The report also discusses the depreciation of the Naira against the dollar, with $1000 now worth more than a million Naira based on the current exchange rate. This disparity further emphasizes the diminishing value of lower denomination notes.
Experts interviewed in the report suggest discontinuing the printing of lower denomination currencies due to their declining utility and high production costs. Some propose adopting a re-denomination policy similar to Ghana’s, which removed zeros from their currency to streamline denominations.
While previous attempts by the Nigerian government to introduce higher denomination notes or coins faced public backlash, experts argue that the economic landscape has changed, necessitating a reevaluation of currency policies.
In conclusion, the report underscores the need for a comprehensive review of Nigeria’s currency denominations to align with economic realities and address the challenges posed by inflation and currency depreciation.
Kano State Governor, Abba Kabir Yusuf, has welcomed the return of former Governor and Senator, Ibrahim Shekarau, to the All Progressives Congress (APC), describing the development as a boost for the party in the state.....KINDLY READ THE FULL STORY HERE▶
The National Working Committee (NWC) of the New Nigeria People’s Party (NNPP) has announced Bala Yunusa Mohammed as its new National Chairman.....KINDLY READ THE FULL STORY HERE▶
In a statement signed by the party’s National Publicity Secretary, Ladipo Johnson, Bala was described as an experienced administrator who previously served as the National Organising Secretary of the party.
The NNPP said his emergence brings leadership experience, strategic strength, and renewed commitment to its grassroots political ideology.
The party also confirmed the resignation of its former National Chairman, Dr. Ajuji Ahmed, who has left to join the African Democratic Congress (ADC).
It expressed appreciation for his service, noting his contributions during his tenure and wishing him success in his future political engagements.
The statement said the leadership change comes at a critical period in Nigeria’s political landscape, citing economic hardship, inflation, insecurity, and what it described as threats to democratic stability ahead of the 2027 elections.
NNPP alleged growing political tension, including internal party crises and legal battles aimed at weakening opposition parties.
With Bala now at the helm, the party said it is positioning itself for stronger unity and preparation ahead of the next general election, describing the move as part of efforts to offer Nigerians better governance alternatives.
The Labour Party has clarified that it does not currently operate any official social media account for public communication.....KINDLY READ THE FULL STORY HERE▶
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