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CBN Gov’, Cardoso Explains Scarcity Of N100, N200 Notes

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Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the apparent scarcity of N100 and N200 notes to the increasing adoption of digital payment channels and the declining purchasing power of the lower-denomination currency.

 

Speaking in Abuja on Tuesday, Cardoso dismissed concerns that the affected notes had been withdrawn from circulation, stressing that they remain legal tender and should continue to be accepted for transactions across the country.

He said the CBN had not announced the withdrawal of any naira denomination and urged Nigerians not to reject the lower-value notes.

“Yes, they remain legal tender. Unless the Central Bank states otherwise, Nigerians should assume that all existing denominations remain legal tender,” Cardoso said.

Explaining the reduced circulation of the N100 and N200 notes, the CBN governor said the situation reflects changing demand patterns within the financial system rather than any deliberate policy to phase them out.

According to him, the expansion of financial inclusion and the widespread use of electronic payment platforms have significantly reduced reliance on physical cash, particularly lower denominations.

Cardoso also noted that the depreciation of the naira has eroded the purchasing power of the smaller notes, making them less useful in day-to-day transactions.

“As to why there appear to be fewer of these notes in circulation, it is largely a matter of demand and supply. The financial ecosystem is evolving in the direction we want it to, with greater financial inclusion and increased digitisation,” he said.

“Of course, we must also acknowledge that currency devaluation has affected the purchasing power of lower-value notes. That is a reality.

“More importantly, however, as financial inclusion expands and digital payments become part of everyday life, fewer people will rely on these denominations.”

On inflation, Cardoso reaffirmed the apex bank’s commitment to restoring price stability and achieving single-digit inflation, despite recent global economic shocks that have slowed progress.

He recalled that Nigeria had recorded 11 consecutive months of declining inflation before external factors disrupted the disinflation trend.

“It is important to remember where we are coming from. We recorded 11 consecutive months of disinflation and, from every indication, we expected that by early 2027 we would be where we wanted to be in terms of inflation, with a path towards single-digit inflation,” he said.

“Unfortunately, we have experienced external shocks that were not anticipated and have lasted much longer than anyone expected.

“As for our single-digit inflation target, we remain committed to it.”

Reacting to the International Monetary Fund’s (IMF) recent assessment that the naira is undervalued, with an estimated fair value of about N1,150 to the US dollar, Cardoso maintained that the exchange rate should be determined by market forces rather than administrative targets.

He said the CBN would continue to support a transparent and market-driven foreign exchange regime anchored on a willing-buyer, willing-seller framework.

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Not The Right Time To Impose New Taxes , Oyedele Warns Governments

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.

 

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.

He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.

“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.

The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.

On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.

“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.

He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.

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Fayemi Explains Why America Must Have Nigeria As Partner

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Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.

 

Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.

In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.

He insisted that Nigeria must be treated as a strategic partner in the emerging world order.

“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.

“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.

Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.

He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.

The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,

Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.

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Like Uber, Another Global Mobility Company Exits Nigeria

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Moove, the global mobility company founded in Lagos, has announced plans to end its operations in Nigeria.

 

According to report, as part of its exit strategy, the company founded six years ago, said it will transfer full ownership of eligible vehicles “worth approximately N35 billion” to existing customers at no cost.

The affected customers will take full ownership of the vehicles, with no further payments to Moove required from October 1, 2026.

The company said the move forms part of its plans to conclude its Nigerian operations while ensuring that eligible customers retain the vehicles they have been using under its financing model.

Moove was founded by Ladi Delano and Jide Odunsi and has built its business around providing vehicle financing and mobility solutions to drivers.

The company launched in Nigeria six years ago and expanded its operations by financing vehicles for drivers, particularly those operating on ride-hailing platforms.

The report says the transfer of the vehicles means eligible customers will receive assets collectively valued at about N35 billion without making additional payments to the company.

Moove is a global mobility fintech company that has expanded its operations across several markets, providing vehicle financing and other mobility-related services.

This is coming a few weeks after another global mobility company Uber exited Nigerian operations, the report concluded.

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