Why ₦100 & ₦200 Notes Are Hard To Find, According To CBN

CBN Explains Scarcity of ₦100, ₦200 Notes, Says They Remain Legal Tender

Apex Bank Reassures Nigerians

THE Central Bank of Nigeria (CBN) has assured Nigerians that the ₦100 and ₦200 notes remain legal tender despite their apparent scarcity across the country.

CBN Governor Olayemi Cardoso gave the clarification after the Monetary Policy Committee (MPC) meeting in Abuja, stressing that the apex bank had not withdrawn any denomination of the naira from circulation.

According to him, Nigerians should continue to accept and use the lower-denomination notes for transactions unless the Central Bank officially announces otherwise.

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

Digital Payments Changing Currency Demand

Cardoso attributed the reduced circulation of the lower-value notes largely to changing consumer behaviour, noting that Nigeria’s payment ecosystem is becoming increasingly digital.

He explained that as more Nigerians embrace electronic payment platforms, mobile banking and other cashless channels, demand for smaller denominations naturally declines.

The CBN governor said the lower demand means there is less need for the apex bank to print and distribute such notes in the quantities previously required.

According to him, the shift reflects progress in financial inclusion and the growing acceptance of digital payment systems nationwide.

Purchasing Power Also Declining

Beyond the expansion of digital payments, Cardoso acknowledged that inflation and the declining purchasing power of the naira have reduced the usefulness of lower-denomination notes.

He noted that currency depreciation has significantly weakened the value of ₦100 and ₦200, making them less practical for many everyday purchases.

“Currency devaluation has affected the purchasing power of lower-value notes. That is a reality,” he stated.

Cashless Economy Continues to Expand

The CBN maintained that Nigeria’s financial system is steadily moving toward greater digitalisation, with more individuals and businesses relying on electronic payment platforms for daily transactions.

According to the apex bank, this trend is expected to further reduce dependence on lower-denomination currency notes while supporting broader financial inclusion and a more efficient payment system.