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Nigeria launches new bank notes in order to curb corruption

Umamah Bakharia ub@radioislam.co.za

2 min read
30 November 2022 | 12:00 CAT

Nigeria is launching a newly designed currency note after 19 years as the West African nation’s central bank says this will help curb inflation and money laundering.

The new notes will include 200 (R7.90), 500 (R19.70) and 1,000 nairas (R39.40), which mid-December will circulate.

 

Photo credit: Asaase Radio

 

Speaking to Radio Islam International, Nigerian economist Johnson Chukwu says the new banknotes will assist in money laundering cases but not inflation.

“It is achievable, but in terms of inflation, I don’t think that it is the money that will curb inflation because if more than a quarter of the money currently in circulation is outside the banking system, then it would be difficult to blend it for the current inflation pressure,” says Chukwu.

At the launch of the new banknotes, Nigerian President Muhammadu Buhari says the naira is “long overdue for a new look.” He added that the new paper notes designed in Nigeria and featuring enhanced security “will help the central bank to design and implement better monetary policy objectives”.

Addressing the issue of counterfeited noted in the Nigerian economy, Chukwu says this is no longer a major concern.

“Most legitimate transactions are done through the banking system, so people no longer find the need to carry large amounts of cash unless those transactions are illicit, and for that reason, counterfeits do not have the channels for such transfers bank into the banking system,” he says.

Meanwhile, regulators last month announced 31 January 2023 would be the deadline for old notes to either be used or deposited at banks.

 

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