'Scarcity of small money na problem for Nigeria' - Analyst

Nigeria money
Image example Many bad money dey in circulation for Nigeria

People dey use torchlight for Nigeria take find small-small naira notes wey get life, and no dey dirty.

Di problem serious sotay for inside every 10 pieces of 100 Naira notes wey you collect when you buy something dis days for Nigeria, na only one fit dey okay and dat na even if you dey lucky sef.

But other small notes like N5, N10, N20, N50, and N200 also dey affected.

Dis problem make Senators draw ear give dia committee ontop banking, insurance and other financial institutions to chook eye inside di matter.

Sabi person Atiku Samuel tell BBC tori person Helen Oyibo say di reason wey make di lawmakers dey take di matter serious na say small-small money get serious role to play ontop di country economy.

"Wetin dey make economy dey work na when a, b and everybody dey spend and business dey boom; e go dey create job, and for Nigeria wey just come out from recession, e no really good say 100 Naira no dey economy."

"We need to understand, say if we look closely at wetin people dey buy, wey dey chop money transport, food, recharge cards dey top, small small things," na so im talk.

Image copyright PIUS UTOMI EKPEI/AFP/Getty Images
Image example Nigeria Senate President Bukola Saraki im mates na im say make di country Central Bank come explain why small-small Naira notes no dey ground

'Dem dey try to save cost'

Ontop di reason why di money fit scarce, Mr Samuel say government no dey like print small-small money, because na di same amount dem dey use take produce all di notes.

"Na di same money dem dey use print N1,000 and all di other small-small notes. Infact, N50 fit cost pass, because of di material dem dey use make am. Dem dey try save cost, but dis wan fit come back bite dem for back."

Lawmakers also tell di Central Bank of Nigeria wey dey in charge of printing money for di country say make dem introduce coins as another choice for people to use, since e no dey dirty or tear like di Nairan notes.

But Oga Samuel say dis one still no be di solution, as di problem wey remain na di inflation rate wey too dey high, at 15 % every year.

Im say: for example, N100 for last year don devalue; you need about 150 to buy wetin N100 naira dey buy last year, and dis one affect food well-well."

"Nigeria government need to work on inflation rate before dem start to dey talk about introduction of coins," na how im end di tori.

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