Nigeria will on Thursday introduce into circulation its new foreign money within the first of such redesign in 20 years.
The authorities say the measure is supposed to deal with insecurity, sort out counterfeiting and pressure extra money again into the banking system.
Nigeria’s central financial institution had stated greater than 80% of the cash in circulation was being hoarded by people.
It has urged individuals to take their outdated naira notes to industrial banks for substitute.
A 31 January deadline has been set by which Nigerians must trade-in the outdated banknotes.
Many Nigerians say the federal government ought to have centered extra on different measures to sort out hovering inflation in Africa’s largest economic system as a substitute of redesigning the banknotes.
The coverage is more likely to hit politicians who could be planning to make use of money to bribe voters in Nigeria’s elections – a standard marketing campaign technique within the nation. The elections are due in February.
The discharge of the brand new notes comes barely three weeks earlier than one other change comes into impact – the limiting of money withdrawals from banks to $225 (£182) per week for people and $1,200 (£970) for company our bodies.
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