Nigeria unveils new 200,500 and 1,000 naira banknotes

November 24, 2022 / 9:00 AM
Sharjah24 – AFP: Nigeria's president Muhammadu Buhari unveils new banknotes of 200, 500, and 1000 naira in an effort to "control inflation" and "fight corruption". The new banknotes are expected to be in circulation by December.
The old ones will cease to be legal tender by the end of January. Muhammadu Buhari, Nigerian president pointed out, "I am glad to now officially launch the 200 naira (approx. $0.45), 500 naira (approx. $1.13) and 1,000 naira (approx. $2.30) bank notes." Muhammadu Buhari, Nigerian president said, "International best practises require the Central Bank and national authorities to issue new or redesigned currencies notes every five to eight years. Yet, it is now almost 20 years since the last major redesign of our local currency."

Godwin Emefiele, Central Bank of Nigeria's governor stated, "The benefits of the currency redesign to Nigerian economy are enormous, given that: (A) this policy will help to control inflation, as the exercise will bring the hoarded currencies back into the banking system, thereby making monitoring policy more effective."

The Central Bank of Nigeria's governor said, "The currency redesign will assist in the fight against corruption as the exercise will rein in the higher denomination used for corruption and the movements of such funds from banking systems will be tracked easily by the relevant security agencies."

The Central Bank of Nigeria's governor said, "The redesigned 200 naira, 500 naira, and 1,000 naira banknotes will have the features of enhanced security, greater durability, attractiveness and our rich heritage."
November 24, 2022 / 9:00 AM

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