DAILY POST
Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder.
Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints.
However, in the past couple of years, these notes have struggled to get items they could be attached to.
A market survey by DAILY POST showed that more than half of Nigeria’s legal tenders cannot make purchases.
Despite this, the Central Bank of Nigeria, CBN, recognizes the following denominations; 50 kobo, N1 and N2 which are coins, and N5, N10, N20 and N50 which are printed on polymer materials.
A sachet of pure water now sells for N30. Retailed sugar no longer sells for N10, while candies like Tom Tom are retailed at two pieces for N50. To further compound the woes of these notes, goods are now rounded up to 50 or 100, which further makes these currencies irrelevant
