A new report by Quartus Economics has sparked national debate after recommending that the Central Bank of Nigeria (CBN) introduce higher-denomination currency notes — specifically the ₦10,000 and ₦20,000 bills. The proposal, according to the firm, aims to restore the naira’s portability and reduce the rising cost of cash transactions across the country.
The economic review highlighted how persistent inflation and the weakening value of the naira have made lower denominations less practical for large cash dealings. Quartus Economics noted that introducing higher-value notes would make physical cash transactions more efficient, especially for businesses that still operate largely outside Nigeria’s cashless framework.
According to the review, many Nigerians now carry large bundles of cash for relatively small purchases, a situation that not only poses security risks but also increases printing and handling costs for the CBN. “The introduction of ₦10,000 and ₦20,000 notes could ease transactional pressure and make the naira more portable again,” the report stated.
However, financial experts remain divided. Some argue that issuing higher denominations could worsen inflationary pressures, while others believe it’s a pragmatic step given the current state of the economy. The CBN has not yet responded officially to the recommendation, but the discussion continues to trend nationwide — reflecting Nigerians’ deep concerns about the value and future of their currency.
