Quartus Economics has advised the Central Bank of Nigeria (CBN) to issue new, higher-denomination naira notes — specifically ₦10,000 and ₦20,000 — to tackle the problem of the naira’s severe decline in value. According to the firm, the naira has lost about 94% of its value since 2005, making the current highest denomination, the ₦1,000 note, insufficient for large or even regular cash transactions in Nigeria’s largely cash-based economy.
The firm believes that introducing larger denominations would:
• Reduce printing costs for the CBN,
• Improve convenience and portability for people who rely on cash,
• And do so without increasing the overall money supply, meaning it shouldn’t directly cause inflation.
However, Quartus Economics also proposed an alternative — currency redenomination, similar to what Ghana did in 2007, where old cedi notes were replaced with new ones at a lower face value to simplify transactions and restore confidence in the currency.
Meanwhile, public responses on X (formerly Twitter) show mixed reactions, with some Nigerians expressing fears that higher-value notes could fuel inflation or create practical challenges in the cashless policy era. The CBN has not yet made any official comment on the proposal, maintaining its focus on encouraging digital payments and reducing dependence on physical cash.
