The Senate is set to investigate the Central Bank of Nigeria over the scarcity of lower denominations of the naira in the economy following recent complaints by Nigerians and commercial banks.
The decision followed a motion by Senator Peter Nwaoboshi at Tuesday’s plenary over the scarcity of five, ten, twenty, fifty hundred and two hundred naira notes in the country.
After debating the consequences of the scarcity on the Nigerian economy, the Senate resolved to investigate the Central Bank of Nigeria over the poor circulation of the lower denominations.
The report is expected in two weeks.
