Experts Advise CBN to Launch ₦10,000 and ₦20,000 Notes to Ease Cash Transactions

Economic analysts at Quartus Economics have urged the Central Bank of Nigeria (CBN) to introduce new higher-value naira denominations ₦10,000 and ₦20,000 notes to make everyday transactions more convenient and reflect the true state of the economy.

In a recent report titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, the firm highlighted that the persistent depreciation of the naira has rendered the current highest note, ₦1,000, almost insignificant in terms of real purchasing power.

It explained that the ₦1,000 note, which was worth about $7 when introduced in 2005, now equates to less than 60 US cents, forcing traders and consumers to handle large stacks of cash for simple purchases.

Quartus Economics dismissed the notion that introducing higher-value notes could worsen inflation, describing such beliefs as unfounded. According to the report, inflation is driven by broader market and policy factors not the denomination of currency in circulation.

The analysts added that higher-value notes would reduce the cost of printing, transporting, and securing lower denominations, while improving overall transaction efficiency.

The firm also pointed out that other emerging economies have adopted similar measures after facing currency depreciation, ensuring that their currencies remain portable and practical for citizens. It recommended that Nigeria either introduce ₦10,000 and ₦20,000 notes or consider a full redenomination of the naira to modernise its monetary system.

The report concluded by stressing that the proposal is not an inflationary policy but a realistic step toward making the naira reflect Nigeria’s present-day economic conditions.

Everyday prices from food items to travel costs have increased drastically, the analysts noted, making it necessary for the CBN to adapt to the country’s new economic realities.