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Why Nigeria Is Introducing New Naira Notes
Posted
November 2, 2022
Views
202,003
November 2, 2022
202,003
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9:35Now PlayingIn a few days, Nigeria will be printing new Naira notes and Nigerians will have to exchange the old currency for the new one.
The Central Bank of Nigeria says this move will help check inflation, discourage ransom payment and boost the value of the Naira.
In 2020, the apex bank spent about 59 billion Naira to print new notes valued at about one trillion Naira. Going by this estimate, Nigeria might be spending about 176 billion Naira this time to print the 3.2 trillion Naira in circulation.
Gist Nigeria speaks to experts, and finds out what this means for the country’s cashless economic policy and what impact the initiative will have on the ordinary Nigerian.
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