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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the continued scarcity of ₦100 and ₦200 notes to changing payment habits driven by increased digital transactions and declining consumer purchasing power.
Cardoso explained that the growing adoption of electronic payment channels has significantly reduced the demand for physical cash, particularly lower denominations. He noted that more Nigerians now rely on bank transfers, mobile banking and other digital payment platforms for everyday transactions.
He also stated that weakened purchasing power has influenced spending patterns, contributing to lower circulation of smaller currency denominations. According to the CBN governor, these economic and technological shifts have reshaped how cash is used across the country.
Cardoso reaffirmed the apex bank’s commitment to ensuring adequate cash circulation while continuing to promote a modern, efficient and inclusive payment system that supports Nigeria’s evolving financial landscape.
