An economic research group, Quartus Economics, has recommended that the Central Bank of Nigeria (CBN) issue new high-denomination banknotes of ₦10,000 and ₦20,000 in response to the shrinking value of the naira and the mounting burden of cash transactions.
According to the group’s report, the naira’s rapid depreciation has made current denominations increasingly impractical for everyday transactions and large cash movements.
The report argues that introducing higher-value notes would enhance currency portability, reduce bulk in cash handling and help the banking system manage large value transactions more efficiently. It also suggests that such a move could strengthen the naira’s utility in the face of inflation and rising transaction costs.
However, the group cautioned that any new notes would need to be paired with robust anti-counterfeiting measures, effective currency management and public education to avoid socioeconomic disruption.
