Central Banking

Shake-up of Nigerian currency announced

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The Central Bank of Nigeria is to undertake an extensive "restructuring" process of the Nigerian currency, the central bank's governor Sanusi Lamido Sanusi said on August 23.

Sanusi said reviews of the existing currency series conducted in 2010 and 2011 had highlighted a number of issues, including inflationary pressures reducing the usefulness of coins, poor quality of banknotes and the need to introduce a larger value note to reduce the cost of cash handling.

To address these problems, the cen

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