Reps ask CBN to reinforce use of coins as legal tender
The House of Representatives on Tuesday urged the Central Bank of Nigeria to reinforce the use of coin as a legal tender in the country.
The resolution was reached after Muda Umar (APC Bauchi) moved a motion in the regards, according to a post on the Twitter handle of the House of Representatives, @HouseNGR.
The lawmakers also asked CBN to ensure that banks comply with the use of coin to the fullest.
“@HouseNGR urges the @cenbank to reinforce the use of coins as a legal tender and ensure that Banks comply with the use of coins to the fullest. The resolution came through a motion moved by Rep. Muda Umar,” the Reps tweeted.
This isn’t the first time the coin’s viability have been voiced on the floor of the National Assembly. In 2017, the Senate requested lower denomination notes be converted into coins so as to facilitate “extremely repetitious” retail transactions.
The advice came after a senator spoke on the implications of rejection of the existing coin denominations for the economy.
Nigerian coins, which include the 50kobo, N1 and N2, have overtime lost their value as Nigerians have stopped using them for their daily financial transactions. Experts attribute the development to the Naira’s depreciation and rising inflation.
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