CBN Faces Calls to Introduce ₦10,000 and ₦20,000 Notes Amid Currency Pressure

The Central Bank of Nigeria (CBN) is under increasing pressure from industry analysts and business stakeholders to issue higher-denomination naira banknotes — specifically ₦10,000 and ₦20,000 — in response to surging inflation and logistical challenges of cash circulation.

Financial commentator Chinedu Obi argued that the new denominations would “ease large-value transactions and curb the illicit economy fuelled by cash logistics,” while noting the redesign should be paired with strong security features and public education.

The push follows prolonged concerns about cash scarcity, high currency-handling costs and the burdens faced by banks and businesses in conducting large-volume cash transactions. Some economists believe that introducing higher-value notes would align Nigeria with other economies where large bills facilitate smoother commerce and reduce the physical burden of cash.

However, the CBN has not formally responded to the proposal. This comes as the apex bank continues to reaffirm that existing naira notes remain legal tender indefinitely, dismissing claims of impending deadlines for withdrawal.

The debate also arrives against the backdrop of the naira’s decline and logistical strain in circulating adequate denominations. Higher-value notes, proponents say, are one tool among many needed to modernise Nigeria’s currency system and support easing cash-driven commerce.