Dr Michael Olawale-Cole, president, Lagos Chamber of Commerce and Industry (LCCI), urged the Central Bank of Nigeria to consider converting lower currency notes into coins.
Olawale-Cole said this on Thursday at the ongoing 36th Lagos International Trade Fair in Lagos.
The theme of the 2022 annual fair is, “Connecting Businesses, Creating Value.”
According to him, this would “repetitive retail transactions and avoid printing pieces of low-value notes with a short lifespan.”
He said:
“As regards issuance of new naira notes, the CBN should also consider converting the country’s lower currency notes into coins to facilitate highly repetitive retail transactions and avoid printing pieces of low-value notes with a short lifespan.”
The LCCI Lagos chapter president also urged the CBN to set up ways to bolster the Naira.
On that he said:
“We also appeal to the CBN to adopt more innovative ways, establish appropriate policies and take actions that will drive down the inflation rate and strengthen the value of our naira.”
Mr Olawale-Cole was represented by Gabriel Idahosa, deputy president, LCCI.
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