Sunday, September 24, 2023

Nigeria releases new bank notes into circulation

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Elvis Adjetey
Elvis Adjetey
Elvis Adjetey is an experienced African journalist who has worked with top media brands in Ghana where he is based.

Nigeria has released its new currency into circulation in the first such redesign in 20 years.

It is expected to address insecurity, tackle counterfeiting and force excess cash back into the banking system, the government said.

Nigeria’s central bank had said more than 80% of the money in circulation was being hoarded by individuals.

It has urged people to take their old naira notes to commercial banks for replacement.

A 31 January deadline has been set by which Nigerians have to trade-in the old banknotes.

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The release of the new notes comes barely three weeks before another change comes into effect – the limiting of cash withdrawals from banks to $225 a week for individuals and $1,200 for corporate bodies.

Officials of commercial banks have told local media that they had received the new notes from the Central Bank of Nigeria to be released to their customers effective Thursday.

Nigeria will hold general elections in February next year with the latest policy likely to hit politicians who might be planning to use cash to bribe voters, analysts have said.

Man drowns trying to rescue $20 note in river


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