A new report by Quartus Economics recommends higher currency denominations to improve transaction efficiency and reduce cash handling costs amid the naira’s historic depreciation.
Economic analysts at Quartus Economics have called on the Central Bank of Nigeria (CBN) to issue ₦10,000 and ₦20,000 notes, citing the collapse of the naira’s purchasing power.
The firm’s report, “Is Africa’s Eagle Stuck or Soaring Back to Life?”, states that Nigeria’s highest note, ₦1,000, has lost 94% of its real value since its introduction in 2005, when it was equivalent to nearly $7. Today, it’s worth less than 60 cents.
The economists argued that introducing higher-value notes would not cause inflation but restore the naira’s portability and reduce costs of printing and transporting low-value notes.
They referenced the CBN’s shelved ₦5,000 note proposal under former Governor Sanusi Lamido Sanusi in 2012, saying the policy logic remains relevant given today’s economic realities.
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