Nigeria issues new Naira notes to combat counterfeiting.

Nigeria launches new Naira notes to mop up counterfeits

Nigeria has issued new banknotes to combat counterfeiting and the financing of Islamist organisations.

Nigerian President Muhammadu Buhari said on Wednesday that the new naira bank notes would help regulate liquidity in an economy where the majority of money is stored outside of banks.

The 200, 500 and 1000 naira notes are the ones being replaced. The redesigned notes which are produced in Nigeria by the Nigeria Security Printing and Minting have new security features, the president said during the introduction of the new notes at the presidential Villa.

The central bank of Nigeria is reported to announce plans of issuing the new notes to the public from December 15, 2022.

Members of the public have till January 31, 2023, to hand in their old notes.

Leave a Reply

Your email address will not be published. Required fields are marked *