Senate queries CBN over non-circulation of coins

The Senate yesterday frowned at the non-circulation of coins in the country, urging the Central Bank of Nigeria (CBN) to intensify efforts at addressing the situation.

This followed a motion sponsored by Senator Mustapha Bukar (APC, Katsina) on the non usage of coin currencies and its negative effects on the economy.

Moving the motion, Bukar 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.

[Daily Trust]

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