The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that lower naira denominations such as N5, N10, N20, N50, and N100 notes are still legal tender in Nigeria.

Cardoso disclosed this while answering questions at the briefing following the 306th Monetary Policy Committee, MPC meeting on Tuesday.

He explained that the scarcity of lower naira denominations in circulation is due to the forces of demand and supply.

“They (lower naira denominations) are still legal tender. To the extent that the Central Bank has not said otherwise, please assume they are legal tender.

“The question as to why we do not have as many of them in circulation as may be perceived is a question of demand and supply, quite frankly,” he said.

Recall that the apex bank’s MPC retained the interest rate at 26.50 percent for the second consecutive meeting, against the backdrop of a 15.91 percent inflation rate recorded in June.