Section 3: Denomination and form of notes and coins

(1)
Notes and coins issued by the Bank-
(a) shall be in such denominations of the naira or fractions thereof as are approved by the Minister on the recommendation of the Bank;
(b)
shall be of such form and designs and bear such devices as are approved by the Minister on the recommendation of the Bank.
(2)
The standard weight and composition of coins issued by the Bank and the amount of remedy and variation shall be determined by the Minister on the recommendation of the Bank.