As the effects of the current naira crunch bite harder, Nigerians have called on the Central Bank of Nigeria (CBN) to prevail on commercial banks to dispense N100 and N50 notes to the citizens.
They made the call in separate interviews with NAN in Lagos on Thursday.
An accountant, Benedict Chukwuweike, said dispensing the N100 and N50 notes would help solve the immediate challenge of access to the new naira notes.
Chukwuweike stated that in countries like the United States, the highest denomination mostly in circulation is $100.
He said Nigeria could emulate such countries as the issuance of more N500 and N1000 notes become a problem.
According to him, the development will help to curb inflation and attract more value to the nation’s currency.
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Also speaking, a teacher, Eniola Gbadamosi, said dispensing the N100 and N50 notes should have been the alternative pending when issues surrounding the redesigned notes would be resolved.
Gbadamosi stated that the N100 and N50 notes have become valuable to her, saying the notes have helped her to cope with the naira crunch.
“I started gathering the N100 and N50 notes since January when the heat of the January 31st deadline enveloped the nation.
“Little did I know then, that the crunch will degenerate to what it is now. Today, my N100 and N50 notes have been very useful,” she said.
A lawyer, Judith Chukwukadibia, said since the crisis started and those in the urban areas were lamenting the naira scarcity, she knew it would be worse in the rural areas.
“So, what I quickly did was to change my money into N50 notes which I sent to my parents in the village.
“The aim was to avoid pressure my parents will go through. I didn’t want them to be stranded. I am happy that the step has proved very helpful.
“I even did same to myself and have been very comfortable since the naira crunch started,” he said.
Meanwhile, President Muhammadu Buhari has said the old N200 note would remain a legal tender until April 10.
In a nationwide broadcast on Thursday, Buhari said the old and new N200 notes will exist side by side so as to ease the cash crunch.
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