Wednesday, July 22, 2026

Lower denomination naira notes now useless to Nigeria’s economy; they’ll be phased out: CBN

CBN consultant on e-naira disclosed that the N5, N10, and N20 notes which have been weakened by the declining purchasing power of the naira will soon be out of circulation.

• May 21, 2022
Lower denomination naira notes [Photo Credit: The Guardian]

The Central Bank of Nigeria, CBN says it will soon phase out the circulation of the lower denominations of the naira.

Making this known at an e-naira sensitisation exercise in Asaba Delta state on Friday, Aminu Bizi, CBN consultant on e-naira disclosed that the N5, N10, and N20 notes which have been weakened by the declining purchasing power of the naira will soon be out of circulation.

“So very soon, you may not be seeing N5, N10 or N20 notes in circulation because CBN is using money to print these notes, and at the end of the day this N5, N10, N20 will be abused,” Mr Bizi said.

Further making a case for the wide adoption of e-naira, Mr Bizi disclosed that the apex bank was losing money replacing mutilated notes abused by market women and traders, and other members of the public.

Mr Bizi suggested that the e-naira platform will be made available for transactions as low as N50.

“You have your e-NAIRA, before you even get down, you scan the Keke scanner bar code and you pay him his fare of N50 or N100. So why should you go and queue to withdraw money? Is it not for you to spend? So if these market people accept e-NAIRA, people don’t need to cash,” he asked.

The CBN stated this as part of its e-naira initiative, which aims to promote financial inclusion and a cashless economy.

Mr Bizi said that traders in onions, sachet water, pepper, and other commodities would be taught how to utilise the e-naira account to conduct transactions at a sensitisation exercise held on Friday at Asaba’s famed Ogbogonogo Market.

With smaller denominations constantly losing their value due to the naira’s diminishing purchasing power, the CBN claims it is squandering money by issuing the notes, which are then abused by the populace.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

NOA and NOSDRA logos

States

NOA, NOSDRA partner on environmental safety in Kwara

Mr Williams commended NOA for seeking closer collaboration in environmental management.

WHO

States

WHO commends Ebonyi as FGM drops to 20.4%

Mr Ogbueli described the decline as a major milestone in efforts to end FGM.

Jumoke Oduwole

Economy

FG empowers nearly 300,000 Nigerians through skills programmes: Minister

Mrs Oduwole saidthat the ministry was implementing policies to strengthen manufacturing and agro-processing, among others.

Kudirat Kekere-Ekun

NationWide

CJN seeks strong legal protection for maritime sector

Mrs Kekere-Ekun described maritime law as one of the principal pillars supporting global commerce.