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Home Banking CBN To Re-Introduce Coins To Halt Inflation

CBN To Re-Introduce Coins To Halt Inflation

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The Central Bank of Nigeria(CBN) has disclosed that it plans to reintroduce coins currency into circulation to reduce high cost of goods and services in the country.

The Head, External Communications, Corporate Communication Department, CBN, Mr Isaac A. Okorafor who stated this in Ilorin on Tuesday during the interactive session with farmer associations, businessmen and women said the apex bank had done that in the past but many Nigerians did not use the currency.

Okorafor, who was responding to the participants’ questions, noted that since the currency was not utilised by citizens, it lost its value.

He observed that the usage of coins currency in advanced countries reduce inflation and make farms and manufactured goods cost less.

Okorafor said coins currency lost value because Nigerians were not producing stressing that most commodities were jerked up.

“In future, CBN may reintroduce coins. If you go abroad, it is very easy to buy with coins and sometimes, you collect coins as a change and it will be accepted by citizens of that country. So, those of you that have coins should keep it, you can become rich one day”.

An Assistant Director, Development Finance Department,Babatunde Ogunlaja while enlightening the participants disclosed that about N250 billion was made available by CBN for various business associations to access stressing that N40 billion has so far been disbursed.

He advised participants to lodge any complaint of cheating and financial malpractices against them by any financial institutions stressing that the apex bank would redress it immediately.

The CBN also counseled prospective farmer associations and businessmen and women at the interactive session to make use of the credit facilities available at the apex bank noting that many State Governments had utilised the opportunity to empower their people.

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