Quartus Economics urges CBN to issue ₦10,000 and ₦20,000 notes to restore naira value and ease rising cash transaction costs.
A new economic review by Quartus Economics has called on the Central Bank of Nigeria (CBN) to consider introducing higher-denomination naira notes specifically ₦10,000 and ₦20,000 bills as part of efforts to improve the currency’s usability and reduce the escalating cost of cash transactions.
According to the report, the value of the naira has depreciated significantly in recent years, making lower denominations less practical for large-scale purchases and everyday transactions. The think tank noted that the introduction of higher-value notes would help restore the naira’s portability, enhance transactional convenience, and cut down on excessive cash handling costs faced by both individuals and businesses.
The economists further argued that the move would align Nigeria with other emerging economies that have periodically adjusted their currency denominations in response to inflationary pressures and reduced purchasing power.
Quartus Economics emphasized that while digital payment adoption continues to grow, cash remains a dominant medium of exchange in many rural and informal sectors. Therefore, introducing larger denominations would serve as a short-term relief while broader monetary reforms continue.
The CBN is yet to officially respond to the recommendation, but financial experts believe such a policy shift could spark a national debate on balancing monetary efficiency with inflation control.