Business
Emefiele reveals how CBN will tackle inflation
The Central Bank of Nigeria (CBN) says it is planning to reduce the volume of higher denominations — N500 & N1000 — in circulation to tame inflation
Godwin Emefiele, governor of CBN said this while fielding questions from journalists at the monetary policy committee (MPC) meeting in Abuja.
Emefiele said increasing the high denomination of the currency could be part of factors fuelling inflation in the country
Making reference to the United Kingdom, he said the highest denomination in the UK is £50, adding that the most spent currency in the country is £10. “Rarely you find some people spend £20. Nobody sees £50. If you go around carrying £50 in the UK, they will begin to suspect you. Whereas, the reverse is what is happening in Nigeria. Nigerians want to carry N1,000 or N500.
In fact, we’re beginning to see or think that increasing the high denomination bills is also part of what may even be fuelling inflation.
-
Health1 week agoSenate hearing set to review research on COVID-19 vaccines, cancer concerns
-
Crime6 days agoLASU student dies after armed robbery attack
-
Featured6 days agoOsun APC counters Adeleke over security drone dispute, urges public to ignore allegations against Oyetola
-
Latest1 week ago2027: North will back Tinubu’s re-election bid, says ex-ACF Secretary-General
-
Comments and Issues1 week agoDay Ibori stormed Asaba for Oborevwori’s third anniversary
-
Football6 days agoArsenal confirm departure of 15 players ahead of summer exit
-
Politics6 days agoEmeka Ike reacts to alleged INEC-linked data breach
-
Politics6 days agoFour PDP reps from Bauchi defect to APM, cite internal party crisis