Nigeria Senate Is Probing The Scarcity Of Lower Naira Denominations

Nigeria Senate Is Probing The Scarcity Of Lower Naira Denominations

The Nigeria Senate has started investigations into the scarcity of lower naira denominations, in the country, which the lawmakers consider to be a threat to the economy.

The denominations in question are: N5, N10, N20, N50, N100 and N200.

The Senate adopted a motion by Senator Peter Nwaoboshi (Delta-North) titled, ‘Scarcity of Lower Denomination Currency Notes,’ the Senate resolved to mandate the joint Committee on Banking, Insurance and Other Financial Institutions; and Finance to investigate the matter.

The joint committee was further asked to seek and proffer lasting solution to the issue and revert within two weeks.

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