One and two cent coins will be phased out from today as part of the Central Bank's Rounding in Ireland scheme.

From today, when consumers get change in cash it will be rounded up or down to the nearest five cent, to reduce the need for one and two cent coins.

The rounding scheme was successfully trialled in Wexford in 2013 which showed that 85 per-cent of consumers and all of the retailers surveyed wanted Rounding rolled out nationally.

It will be on a voluntary basis - one and two cent coins will remain legal tender.