Nigeria: From Next Year...n100 = New N1 - CBN Redenominates Naira

15 August 2007

The quantity of Naira notes that Nigerians must carry in their pockets to pay for simple transactions is set to crash next year when a 100 naira note is redenominated to one naira under a plan unveiled by the Central Bank of Nigeria [CBN] yesterday.

The apex bank said two zeros will be removed from the value of each existing currency denomination, so that N1000 becomes N10 while the value of the current N500 note will plummet to N5.

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