Central Banking

Central Bank of Nigeria stays firm over currency changes

naira-nigeria

The Central Bank of Nigeria has published answers to a list of commonly asked questions about the plans to reform the country's currency that make it clear that plans to introduce a 5,000 naira banknote are concrete.

The plans to update naira banknotes and coins were revealed on August 23 and included the introduction of a new, higher value banknote in the country. Nigerian politicians reacted angrily to the announcement, criticising the lack of consultation over the proposals.

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