Central Banking

Nigeria announces plans for new naira

Charles Soludo, the governor of the Central Bank of Nigeria, said Tuesday that the central bank is to drop two zeros from the Naira and introduce a new set of notes and coins.

Soludo said: "We intend to restructure the entire currency by dropping two zeroes or moving two decimal points to the left from the currency, and issuing more coin denominations."

The changes will require a total currency exchange by August 2008. The governor said that Nigeria will introduce 1, 2, 5, 10, and 20 kobo coi