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House Of Reps Says NO To Use Of Coins As Legal Tender

Yesterday, the House of Representatives was thrown into a hilarious mood during debate of a motion that seeks to ensure the recirculation and enforce the use of coins as a medium of exchange in the Nigerian economy in order to boost business transactions and reduce inflation.

Most members spoke jokingly but seriously against the motion which was eventually thrown out after a hearty session eliciting banters, laughter and friendly fires.

The motion sponsored by Mr. Mojeed Alabi (APC, Osun) had amongst other prayers urged the Central Bank of Nigeria (CBN) to reaffirm the use of coins as an acceptable medium of exchange and consider the possibility of Naira re-denomination as a way of strengthening the currency and facilitating quick recovery from the current economic recession.

The lawmaker stated that notwithstanding the economic challenges confronting the nation, the CBN has not deemed it fit to appreciate the common economic correlation between high denomination currencies and inflation rate, a phenomenon attributable to the tendency of manufacturers, suppliers and service providers to make the existing currency denominations the basis for fixing prices of goods and services.

A majority of the lawmakers who spoke on the motion however kicked against enforcing the use of coins, saying such move would be untimely considering the economic recession. They also argued that the cost of its production is higher than the value.

“The cost of producing coins is more than the value itself. There is no need bringing it since it cannot be used to buy anything in the country,” said Mr. Sadiq Ibrahim.

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  • Mezzy Gilbert

    Those developed countries dey travel to uses coins,naija Mt contri

  • Mezzy Gilbert

    Thieves

  • chika bibian

    Abeg coins no follow @al

  • Kenny D Osonwa

    Coins, please ooo, it is of no use and not portable for carriage.

  • Cornel Nwankwo

    Naira has no value and as such coins isn’t encouraged

  • I just dey laugh

    Even the developed countries still uses coins

    • Olovo Obinna

      Yea…countries where it has value….wetin #1 go buy again for 9ja

  • kayode akinsanya

    They’re not well, Good country in all part of the world uses coins why our own different. Rubbish

  • So that they can thief easily why won’t they reject it

  • emekachilaka

    whatever

  • Olovo Obinna

    How much will d coins denomination be….it seems the lawmakers no get work….

    • Cornel Nwankwo

      You de mind them

  • WillieBravo

    Jobless folks! Better bill una no go pass na to dey deliberate flimsy issues like the use of coins una know.

    • Olovo Obinna

      I tire oh….

    • chika bibian

      You dey mind them

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