Central Bank of Nigeria Governor Olayemi Cardoso has confirmed that lower denomination banknotes, specifically the N5, N10, N20, N50, and N100 bills, continue to be legal tender. Cardoso clarified this status during a press event held after the 306th meeting of the Monetary Policy Committee on Tuesday.
Addressing concerns regarding the limited availability of these smaller notes, the Governor attributed the situation to standard market dynamics. He explained that their scarcity is simply a consequence of supply and demand factors rather than a change in policy. He emphasized that the public should continue to accept them as valid currency, as the Central Bank has issued no instructions to the contrary.
During this same committee meeting, officials decided to maintain the benchmark interest rate at 26.50 percent for the second session in a row. This decision follows the June inflation report, which highlighted a rate of 15.91 percent.
