A new report by Quartus Economics has called on the Central Bank of Nigeria (CBN) to issue higher-value currency notes—specifically ₦10,000 and ₦20,000 bills—to improve the efficiency and portability of the naira.
The economic review, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, argues that the persistent depreciation of the naira has rendered the current highest denomination, the ₦1,000 note, almost ineffective in terms of real purchasing power.
“To make the naira portable again, Nigeria could introduce higher-value notes such as ₦10,000 and ₦20,000, or consider a full currency redenomination,” the report suggested.
Quartus Economics also countered the popular belief that higher-denomination notes fuel inflation, describing it as a “myth not supported by evidence.” The report clarified that inflation is typically driven by cost-push and demand-pull factors, not by the denomination of a country’s currency.
“Countries introduce higher-value notes to preserve currency portability after prolonged depreciation—not to trigger inflation,” the analysis stated.
According to Daily Post, the naira’s purchasing power has continued to decline amid rising inflation and currency devaluation. As of October 29, 2025, Nigeria’s inflation rate stood at 18.02%, while the exchange rate hovered around ₦1,448.20 per U.S. dollar.
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