By Kolawole Omotola Olaide
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reassured Nigerians that the ₦100 and ₦200 banknotes remain legal tender, urging the public to continue using and accepting them despite their reduced visibility in circulation.
Speaking after the Monetary Policy Committee (MPC) meeting held in Abuja, Cardoso dismissed concerns that the lower-denomination notes had been withdrawn from circulation. He explained that the decline in their availability is linked to changing payment habits rather than any policy by the apex bank.
According to the CBN governor, the increasing use of electronic payment platforms across the country has significantly reduced demand for smaller denominations. As more Nigerians embrace digital banking and cashless transactions, the need to print and distribute large quantities of ₦100 and ₦200 notes has naturally declined.
He also noted that the weakened purchasing power of the naira has contributed to the lower use of these denominations, as many everyday transactions now involve higher amounts than in previous years.
Cardoso emphasised that unless the Central Bank officially announces otherwise, every existing naira denomination remains valid for transactions. He therefore advised businesses, traders and members of the public not to reject the ₦100 and ₦200 notes.
On the economy, the CBN governor reaffirmed the bank’s commitment to reducing inflation to a single-digit level. He stated that Nigeria had previously achieved 11 consecutive months of declining inflation before external global economic shocks interrupted that progress.
Despite those setbacks, Cardoso expressed confidence that the country remains on course to achieve its inflation objective by 2027, adding that the apex bank will continue implementing policies aimed at restoring price stability and strengthening the Nigerian economy.
