Nigeria new currency

2022 - 10 - 27

new nigeria currency - nigeria new currency 2022

Post cover — Image courtesy of "BBC News"

Old naira notes pictures: How CBN don redesign and change ... (BBC News)

Di recent tori say Central Bank of Nigeria wan redesign some currency notes of di naira still be top news for di kontri.

"So e go bad for dem becos if dem bring am out wahala, if dem no bring am out, e go become useless to dem like im bin dey for 1984 after di Umaru Dikko scandal wen politicians of dat time pack money. "I say e dey long overdue becos dis na one weapon wey we know say Buhari like to use fight corruption. Di reason na to arrest di currency trafficking wey bin dey reign dat time. Murtala Ramat Muhammed, and dem bring out dis nite on di first anniversary of im assassination as a tribute. On 11 February 1977, CBN issue a new banknote with di value of twenty naira (₦20). From 1912 to 1959, di West African Currency Board WACB issue di first banknotes and coins for Nigeria, Ghana, Sierra Leone and the Gambia.

Analysts Criticize Nigeria's Plan to Redesign Currency (Voice of America)

The Central Bank of Nigeria said the measure will address counterfeit money in circulation, return control to the bank and help fight crime.

What is the benefit of such exercise on security? The action is part of authorities' efforts to halt the slide of the country’s official tender, which has lost more than 35 percent of its value in the past year. The Central Bank of Nigeria (CBN) is planning on replacing its naira currency to reduce excess cash, inflation and crime.

The History of currency introduction and redesign in Nigeria (Guardian)

On Wednesday, October 26, 2022, Nigeria's apex bank, the Central Bank of Nigeria (CBN), announced that it will redesign some new naira notes.

Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973. The engravings at the back of the notes reflected various cultural aspects of the country. In 1991, the 50K and ₦1 were both coined. On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued. From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and the Gambia. The first major currency issue in Nigeria was undertaken following the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa.

How CBN new Naira notes'll curb money laundering, vote buying (Vanguard)

The proposed new currency notes by the Central Bank of Nigeria will help put a stop to money laundering, vote buying, ransom taking and counterfeiting, ...

It has also improved chances of a free and fair election as vote buyers have been taken out of the equation while security will be greatly improve. The CBN has dealt a final blow to smugglers and money laundering companies, who inject counterfeit currency into the financial system. Kenneth Udeze respectively described the proposed redesign of the Naira currency notes as a welcome development.

IMF Urges Caution in Nigeria's Currency Notes Redesign Plan (Bloomberg)