The Central Bank of Nigeria (Central Bank of Nigeria) will issue new Naira notes, the national currency. December 15, 2022. His governor has announced this recently. Evening of God Ecofin made the report at a conference in Abuja.
Denominations of 100, 200, 500 and 1000 Naira will be replaced by new notes as they are subject to counterfeiting by criminal networks.
80% of currency is in circulation outside the bank
The move is also aimed at combating hoarding of naira in households. According to the central bank, at least 80% of the currency in circulation is outside the banking circuits. So the Issuing Institute seeks to regain control over this money supply by forcing Nigerians to return bank notes to its coffers.
The other major objective of the initiative is to combat counterfeiting of the naira, the versions currently in circulation are 20 years old. “In fact, recent developments in photographic technology and advances in printing equipment have made counterfeiting relatively easy.
The announcement follows progress in many African countries as the Nigerian economy faces a deflationary trend. Inflation continued to rise, reaching 20.77% in September, despite the central bank’s continued hike in key rates.
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