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Analysis & opinionJanuary 10 2023

Nigeria’s naira redesign controversy

After minting a new currency design, Nigeria’s central bank has given the population just a few weeks until old notes are null and void. A difficult mix of positive and negative outcomes is exacerbating political rifts. By Uche Igwe.
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Nigeria’s naira redesign controversyImage: Getty Images

The recent announcement by Nigeria’s central bank of the redesign of the national currency, the naira, has sparked a heated dispute in the country. On November 26, the central bank unveiled new N200 ($0.44), N500 and N1000 bills, and introduced a policy limiting weekly individual and corporate withdrawals to N100,000 and N500,000, respectively.

At the centre of the controversy is the head of the Central Bank of Nigeria (CBN), Godwin Emefiele, who has continued to defend the policy as in the best interests of the country’s economy, the largest in Africa. 

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