Prior to the distribution of the redesigned naira notes, the Lagos Chamber of Commerce and Industry (LCCI) encouraged the CBN to take into consideration converting the lower-value notes to coins.
This the LCCI said would reduce to cost of printing lower denomination notes of the naira which do not last for long due to their repetitive use. The Deputy President, LCCI, Mr. Gabriel Idahosa, said this while speaking at the CBN special day at the Lagos International Trade Fair.
“We urge the CBN to implement the correct calibration of monetary policy considering the resilience of our economy and the implementation of the global monetary spillover to financial stability.
“As regards issuance of new naira notes, the CBN should also consider converting the country’s lower currency notes into coins to facilitate highly repetitive retail transactions and avoid printing pieces of low-value notes with a short lifespan. We also appeal to the CBN to adopt more innovative ways to establish appropriate policies and take actions that will drive down the inflation rates and strengthen the value of our naira.”
The CBN said that it is delighted with the banking public's good response to the redesign of the naira through increasing currency deposits across banks and other financial institutions while stating that it is dedicated to the initiative's flawless execution.
