Central Banking

Nigerian politicians blast central bank currency reform plan

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The Nigerian Senate Committee on Banking, Currency and Other Financial Institutions on August 29 reacted angrily to the announcement of a proposed 5,000 naira banknote by the Central Bank of Nigeria (CBN).

On August 24, the governor of the central bank, Sanusi Lamido Sanusi, announced an extensive restructuring process of the Nigerian currency. He said reviews had highlighted a number of issues, including inflationary pressures reducing the usefulness of coins, poor quality banknotes and the nee

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