Nigeria, July 22 -- The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the scarcity of lower naira denominations to declining demand, rather than the apex bank's decision to withdraw the notes and coins from circulation.

Mr Cardoso made the clarification on Tuesday during the press briefing at the end of the 306th Monetary Policy Committee (MPC) meeting in Abuja.

The development also signalled the country's gradual shift toward digital payments and broader financial inclusion, the CBN governor said.

On 8 July, CBN confirmed that 100 naira notes remain legal tender, and warned against the rejection of the notes by Nigerians.

Mr Cardoso stressed on Tuesday that the availability of lower denominations is l...