CBN Governor Cardoso Blames Digital Payments and Inflation for N100 and N200 Note Shortage
The Central Bank of Nigeria says the scarcity of N100 and N200 notes reflects shifting demand toward electronic payments rather than a withdrawal of the denominations. Governor Olayemi Cardoso assured Nigerians that all naira notes remain legal tender until the CBN states otherwise. He explained that as more people use digital channels, the need for lower-value notes and coins falls. At the same time, inflation has eroded the purchasing power of these smaller notes, reducing their circulation in everyday transactions. Cardoso also reaffirmed the CBN’s commitment to single-digit inflation, despite recent external shocks. On foreign exchange, he stressed that market forces should set the naira’s value and noted that daily FX turnover has topped $1 billion at times, reflecting growing investor confidence.
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