Faith Nyasuguta
Nigeria has officially launched new banknotes in a move to eliminate counterfeiting and the financing of Islamist groups.
On Wednesday, Nigerian president Muhammadu Buhari said the new naira bank notes would help to control liquidity in an economy where most money is held outside the bank.
The traditional 200, 500 and 1000 naira notes are the ones being replaced. The redesigned notes produced in Nigeria by the Nigeria Security Printing and Minting have new security features, the president noted during the introduction of the new notes at the presidential Villa.
The central bank of Nigeria is said to have announced its plans of issuing the new notes to the public from December 15, 2022.
Members of the public have until January 31, 2023, to hand in their old notes.
