CORONAVIRUS safety tips from Admin! 1. Watch your hands with running water 2. Dont cough in your hands 3. Keep distance from people 4. Stay indoor if neccessary!! Stay safe !!! Dear Members,Do you know that naijacrux is fully programmed to serve you better, Do you know that you can share your favorite post on naijacrux with friends on twitter,facebook, googleplus,myspace and many more! To share post on naijacrux with friends and family on twitter, facebook,googleplus,myspace,and many more, scroll to the down page of the post, Click on the Social Icon You Want To Share On To Share.


Author Topic: Nigerian Senate probes scarcity of lower naira denominations  (Read 791 times)

0 Members and 1 Guest are viewing this topic.

Offline lindaikeji

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 691
  • Karma: +0/-0
Nigerian Senate probes scarcity of lower naira denominations
« on: February 14, 2018, 12:43:52 AM »
Loading...

The Senate is investigating the scarcity of lower naira denominations, which the lawmakers considered a threat to the  economy.


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

Following the adoption of 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 scarcity.

The committee was further asked to proffer lasting solution to the issue and report back within two weeks.

In the motion, Nwaoboshi said, “The Senate notes with serious concern the protracted scarcity of lower naira denominations.

“It is concerned that scarcity of N5, N10, N20, N50, N100 and N200 notes poses a severe threat to the economy of the nation, which is just recovering from recession, as it is worsening inflationary trends, with attendant consequences.

“The Senate notes that the nation’s currency is highly essential and critical in national development; and if mismanaged, the economy is doomed with adverse effect on the people and the nation.

“The Senate is worried that banks in Nigeria no longer dispense lower naira denominations, with the excuse that they hardly receive them from the Central Bank of Nigeria.

“The Senate is worried also that reports in the media over the issue are not cheery at all.”

The senator stressed that the lower denominations were printed and procured outside the country with the attendant economic and security implications.

“The Senate notes further that if the situation is not remedied urgently, it may lead to total collapse of the economy,” Nwaoboshi stated.

Seconding the motion, Senator Magnus Abe stated that the lower denominations remained a legal tender in the country and decried their scarcity in the polity.

Abe warned that deliberate attempts by some forces to reject the lower denominations from effective circulation might make currency regulators to lose control of the process.



 

New electricity tariff takes-off February 1-Says Nigerian Electricity Regulatory

Started by newspostng

Replies: 0
Views: 876
Last post January 07, 2016, 09:36:34 AM
by newspostng
Nigerian Banks release list of bank debtors that owe banks N143.81 Billion

Started by internet police

Replies: 0
Views: 1056
Last post August 04, 2015, 04:45:23 PM
by internet police
Ex Nigerian Finance Boss Okonjo-Iweala denies withdrawing $1Billion for Jonathan

Started by mastercode

Replies: 0
Views: 901
Last post July 14, 2015, 02:26:45 PM
by mastercode
Nigerian banks reject deposit of foreign currencies into customers dorm account

Started by mastercode

Replies: 0
Views: 951
Last post August 03, 2015, 07:18:56 AM
by mastercode
?400 Billion worth of looted Nigerian money stashed in Europe, Asia and America

Started by admin

Replies: 0
Views: 1186
Last post August 09, 2015, 12:21:07 PM
by admin
Nigerian EFCC declares former Pension boss, Abdulrasheed wanted on fraud charges

Started by mastercode

Replies: 0
Views: 930
Last post November 03, 2015, 11:02:34 AM
by mastercode
Nigerian FG urges banks to deny in court in N249.6 Billion ‘hidden’ funds

Started by mastercode

Replies: 0
Views: 988
Last post July 24, 2017, 05:29:30 AM
by mastercode
Nigerian FG appoints KPMG, PWC to audit NNPC, other revenue generating agencies

Started by admin

Replies: 0
Views: 1081
Last post August 14, 2015, 09:32:06 PM
by admin
President Buhari Vows, We?ll use 2016 budget to diversify Nigerian economy

Started by admin

Replies: 0
Views: 1090
Last post October 06, 2015, 11:49:15 AM
by admin
Nigerian Dwindling federal allocation worries me - Says Gov Ahmed of kwara state

Started by yungcrux

Replies: 0
Views: 829
Last post October 27, 2015, 11:57:51 AM
by yungcrux