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Reps say NO to use of coins as legal tender

Nigerian coins Nigerian coins

The house of representatives on Wednesday rejected a motion seeking to enforce the use of coins as legal tender.

Mojeed Alabi, who sponsored the motion, argued that the use of coins as legal tender would boost business transactions and reduce inflation.

He also prayed that the Central Bank of Nigeria (CBN) consider the possibility of re-dominating the naira as a means of strengthening the currency.

According to him, the use of coins in the economy would facilitate a quick recovery from economic recession.

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But other lawmakers contributing to the debate disagreed with the motion saying the cost of producing the coins was more than its value.

“The cost of producing coins is more than the value itself. There is no need bringing it since it can not be used to buy anything in the country,” Sadiq Ibrahim, one of the lawmakers against the motion, told the house.

Jones Onyereri, while supporting the motion, said it should be encouraged as a means of tackling the recession.

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The house eventually rejected the motion after Yakubu Dogara, the speaker, put it to a voice vote.

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