ABUJA — The Nigerian House of Representatives has asked that the use of coins be enforced as a legal tender.
The lawmaker urged the Central bank of Nigeria (CBN) to tackle price inflation and trigger economic stability with the use of coins.
The resolution was passed during the plenary session on Tuesday following the adoption of a motion sponsored by Muda Umar from Bauchi state.
According to the legislator, the non-usage of coins negatively affected daily business transactions in the country.
“Despite the huge budgetary sum that was expended by the federal government in the production of coins as part of the legal tender, the said coins seem to be extinct at the moment,” he said.
“The day-to-day business transactions of ordinary Nigerians have been significantly affected as the lack of coins and other lower denominations have resulted in prices being summed up to the nearest naira equivalent, a situation that can best be described as inflation in economic terms,” he said.
“While other countries make use of coins for their daily financial transactions, the Nigerian coins comprising 50 kobo, N1 and N2 have not been fully utilized in that regard. Injecting low denominations and coins into the economy will go a long way in curbing price inflation and stabilizing the economy.”
Also, lawmakers asked the CBN to ensure that banks comply with the use of coins to the fullest.
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