By Oyinlola Owobamirin
In present-day Nigeria, the value of money has drastically shifted from what it was in previous decades. The 10 naira note, once considered a substantial amount, now struggles to keep up with the increasing cost of living and inflation. Examining its current purchasing power highlights its diminished role in today’s economy.
There was a period when the 10 naira note could easily cover the cost of a meal, transportation, or small treats like sweets and snacks. However, as the economy has changed and inflation has risen, the practical value of this small denomination has significantly decreased.
Today, finding items that a 10 naira note can buy is difficult. The times when it could purchase a loaf of bread, a newspaper, or a soft drink are long gone. Most everyday items now require much larger sums of money.
Despite its reduced value, the 10 naira note still holds symbolic importance. It represents a piece of Nigeria’s economic history and reminds many of simpler times when money had greater purchasing power. For many, it brings a sense of nostalgia.
The diminishing usefulness of the 10 naira note raises questions about the future of small currency denominations in Nigeria. As inflation continues to rise, there is an ongoing debate about whether to phase out lower denominations to streamline transactions and reduce costs. Some advocate for this, while others believe these small denominations still serve an essential role in the economy, especially for minor transactions in rural areas.
Recent surveys underscore this decline in purchasing power. One survey revealed that 99% of respondents believe the 10 naira note can no longer buy anything. Another survey found that 95% of participants think the note has lost its value. These findings highlight the significant reduction in the utility and worth of this currency.
In today’s Nigeria, the 10 naira note’s purchasing power is a mere shadow of its former self. Nevertheless, it still finds relevance in specific, localized contexts. Whether it’s buying a sachet of water or making a small charitable donation, the 10 naira note continues to play a modest role in Nigeria’s dynamic economic landscape.
