Senate Frowns at CBN over non-circulation of coin

Posted by FactNews | 7 years ago | 2,037 times



The Senate on Tuesday, queried the Central Bank Of Nigeria over its inability to circulate coins in the country, urging the apex bank to intensify efforts at addressing the situation. 

Senator Mustapha Bukar (APC, Katsina) sponsored the motion on the non usage of coin currencies expressed worry that although the country’s currencies are in notes and coins, indications are that coins are fast going out of fashion and into extinction in Nigeria. 

“A survey recently conducted by experts reveals that in the early 90s, coins were in use and considered good money in Nigeria, and now it is the only country in the entire West African sub-region where there is total absence of coins in the economy,” he said. 

 

 


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