Lagos — A new economic review by Quartus Economics has urged the Central Bank of Nigeria (CBN) to introduce higher-value currency notes — specifically N10,000 and N20,000 denominations — to restore the naira’s portability and curb the rising cost of cash transactions.
“The naira’s portability has been severely compromised by the prevalence of low-value notes,” the report says. “Introducing N10,000 and N20,000 bills would materially reduce the physical volume of cash people must carry and the logistical burden on businesses and banks.”
Quartus Economics argues that higher-denomination notes would lower transaction costs linked to cash handling, transportation and storage. “A reduction in the number of notes required per transaction will ease daily commerce and reduce the indirect costs currently borne by consumers and firms,” the review added.
The paper framed the proposal as a practical response to what it described as escalating cash-management expenses, calling on regulators and policymakers to consider the measure as part of a broader strategy to modernize Nigeria’s currency system.
The review also urged the CBN to ensure any introduction of higher-value notes is accompanied by clear communication and safeguards to maintain public confidence in the currency.
The CBN has not yet responded to the recommendations contained in the Quartus review.
