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Nigeria will on Thursday introduce into circulation its new currency in the first of such redesign in 20 years.<\/p>\n
The authorities say the measure is meant to address insecurity, tackle counterfeiting and force excess cash back into the banking system.<\/p>\n
Nigeria\u2019s central bank had said more than 80% of the money in circulation was being hoarded by individuals.<\/p>\n
It has urged people to take their old naira notes to commercial banks for replacement.<\/p>\n
A 31 January deadline has been set by which Nigerians have to trade-in the old banknotes.<\/p>\n
Many Nigerians say the government should have focused more on other measures to tackle soaring inflation in Africa\u2019s largest economy instead of redesigning the banknotes.<\/p>\n
The policy is likely to hit politicians who might be planning to use cash to bribe voters in Nigeria\u2019s elections – a common campaign strategy in the country. The elections are due in February.<\/p>\n
The release of the new notes comes barely three weeks before another change comes into effect – the limiting of cash withdrawals from banks to $225 (\u00a3182) a week for individuals and $1,200 (\u00a3970) for corporate bodies.<\/p>\n
Source: BBC<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video<\/p>\n\n
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