Vanishing legal tender: Sad fall of N5, N10, N20 notes

The once indispensable N5, N10, and N20 notes have become increasingly obsolete in daily transactions across Lagos, Nigeria. With rising prices eroding their purchasing power, these low-denomination notes have lost their relevance in everyday transactions, from transport fares to purchases at shops and markets. A recent field exercise conducted by Saturday PUNCH across various locations in the city revealed a stark decline in the ability of these denominations to buy even the smallest items.

At Ketu, Ojota, Berger, Mile 12, and Ikorodu, traders, transport workers, and consumers indicated that the cheapest items available for N5, N10, or N20 were difficult to find. Even at a supermarket in Ketu, the scarcity of the small notes created bottlenecks, as some customers insisted on getting change. Despite their dwindling usefulness, the small denominations still play a role in transport fares, but the increasing cost of petrol has pushed the limits of their acceptance even there.