Nigeria's New Bank Notes In Circulation

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

The authorities say the measure is meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system. However, experts are sceptical about such results in a country that has battled chronic corruption for decades, with government officials regularly arrested for looting public funds that have caused more hardship for many struggling with poverty.

Many Nigerians say the government should have focused more on other measures to tackle soaring inflation instead of redesigning the banknotes. Nigerians have until January 31, 2023, to trade in their old banknotes.

Meanwhile, the Senate has asked the Central Bank of Nigeria to "considerably adjust the withdrawal limits" in response to public outcry on the policy. This comes after the bank announced that they will be placing a limit on over-the-counter cash withdrawals made by individuals and organisations with effect from January 9, 2023.

InFocus

The new naira notes.

Follow AllAfrica

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.