ABUJA — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the apparent scarcity of N100 and N200 notes to the increasing adoption of digital payment channels and the declining purchasing power of the lower-denomination currency.
Speaking on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso dismissed concerns that the affected notes had been withdrawn from circulation, stressing that they remain legal tender and should continue to be accepted for transactions across the country.
He said the CBN had not announced the withdrawal of any naira denomination and urged Nigerians not to reject the lower-value notes.
“Yes, they remain legal tender. Unless the Central Bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,” Cardoso said.
Explaining the reduced circulation of the N100 and N200 notes, the CBN governor said the situation reflects changing demand patterns within the financial system rather than any deliberate policy to phase them out.
