The Central Bank of Nigeria has started pumping large number of small denomination banknotes (5 through 200 naira) in the large market cities, to solve the problem of scarcity of small change.
The lack of small bills is thought to cause inflation, as merchants round up prices to adjust to available denominations. The injection of these small notes is expected to bring down prices for small daily life items.
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©2018 Monetary Research Institute.
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