Emefiele: We will shortly lower the amount of N500 and N1000 in circulation.

According to Nigeria Central Bank Governor, Godwin Emefiele, there are plans to reduce the amount of larger denomination notes, such as the N500 and N1000, in circulation in order to control inflation. The highest denomination in the UK is £50, and the most common currency in use there is £10, according to Emefiele, who suggested that a significant amount of higher denominations may be contributing to the country high inflation rate. Rarely do you meet someone who spends £20, he said. £50 is invisible. In the UK, if you walk around with £50, people will start to wonder about you. In Nigeria, however, the opposite is taking place. People in Nigeria prefer to carry N1,000 or N500. In fact, we are starting to notice or think that increasing the high denomination bills is also part of what may even be fuelling inflation. So, over time, we will reduce the volume of N500 and N1000 in circulation. Let people carry N50 around. If you want to do high value transactions, embrace online, embrace our agency program, and embrace our mobile banking program. That is what you need. If you want to conduct legal banking or financial services transactions, you have no business carrying N1,000.