Nigeria has introduced new banknotes to combat counterfeiting and the funding of Islamist organizations.
President Muhammadu Buhari of Nigeria said on Wednesday that the new naira banknotes will help regulate liquidity in an economy where the majority of cash is stored outside of banks.
Notes of 200, 500, and 1000 naira are being replaced. The redesigned notes made in Nigeria by the Nigeria Security Printing and Minting contain enhanced security measures, the president remarked at the presidential Villa during the unveiling of the new notes.
President @MBuhari introduced the new Naira banknotes in Abuja today, expressing his satisfaction that the redesigned currency is manufactured domestically by the Nigerian Security Printing and Minting (NSPM) PLC.
President @MBuhari today in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.#Thread pic.twitter.com/c5X0VWiaf1
— Presidency Nigeria (@NGRPresident) November 23, 2022
— Nigerian Presidency (@NGRPresident) on November 23, 2022
The central bank of Nigeria is said to have announced intentions to begin issuing the new currency on December 15, 2022.
The public has until January 31, 2023, to turn in their old currency.
