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Nigeria’s bank note redesign will help deal with counterfeiting and inflation, president says

‘People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,’ Buhari said.’

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31/10/2022
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Nigeria’s bank note redesign will help deal with counterfeiting and inflation, president says

Nigeria’s President Muhammadu Buhari said the central bank’s plan to replace high-value currency notes will help the economy deal with currency counterfeiting, excess cash in circulation and address inflation, which climbed to a 17-year high in September.

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The central bank has Buhari’s support to launch the new currency designs and he “is convinced that the nation will gain a lot by doing so,” the president’s office said in an emailed statement.

“People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,” Buhari said, adding that he doesn’t think it’s too quick to replace the notes in a three-month time period.

Nigeria’s central bank announced last week that it plans to redesign the 200-, 500-, and 1000-naira notes in a bid to mop excess cash liquidity from the economy, take control of money supply and curb spiraling inflation. The regulator said as much as 85% of currency in circulation were outside the vaults of the country’s banks, encouraging criminality, currency hoarding and reducing the efficacy of the central bank’s monetary policies.

The Abuja-based bank fixed a January 31 deadline for residents to change the bills, a tight time-frame for citizens of the West African country, where cash dominates transactions. The country is scheduled to hold presidential elections in February.

Nigeria’s bank note redesign will help deal with counterfeiting and inflation, president says

Source: Moneyweb
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