New economic report wey Quartus Economics release don tell Central Bank of Nigeria (CBN) make dem introduce new higher money notes — ₦10,000 and ₦20,000 — to make naira easy to carry and reduce how much e dey cost to move cash around.
The report, “Is Africa’s Eagle Stuck or Soaring Back to Life?”, talk say naira don lose value well-well, and the ₦1,000 note no get power again for market.
Dem write say, “To make naira portable again, Nigeria fit bring ₦10,000 or ₦20,000 notes or even change the way dem denominate the currency.”
The analysts talk say inflation no go increase because of new notes. Dem say wetin dey cause inflation na cost wahala and demand, no be the kind of money wey dey circulate.
Back in 2005, when ₦1,000 note first come out, e be like $7 for exchange rate that time, but now e don fall reach less than 60 cents.
The report come add say people for informal market dey suffer pass because dem dey always carry plenty cash up and down for small transactions.
E also talk say the cost of printing and moving small notes don too high for CBN, and introducing bigger notes go save money and make things easier.
Quartus Economics remind people say CBN bin wan bring ₦5,000 note in 2012 but dem cancel am because people vex. Now, the firm talk say the reason wey dem bin get that time still make sense well-well today.
Dem talk say the plan no mean say CBN wan print plenty money — na just to adjust the naira make e match the kind market wey we dey now.
According to the report, rice wey bin cost ₦150 per kilo for 2005 don turn ₦2,500 now, and flight ticket from Lagos to Abuja wey bin be ₦12,000 don reach over ₦150,000 — proof say naira don lose plenty value.
