Nigeria’s central bank started circulating the redesigned higher-denomination notes on Thursday under a plan to curb double-digit inflation and move towards a cashless economy.ReutersThe equivalent old notes cease to be legal tender on January 31, and people have until then to deposit them at banks and get the corresponding sum credited to their accounts.
Many Nigerians say that the deadline is too tight for those living in rural areas or working in informal markets. “Out of 300 000 naira I withdrew, I ended up having 2 000 naira new notes,” an agent who collect deposits and make payments on behalf of banks toldPolitically, the currency plan also comes at a sensitive time, with elections for president, National Assembly seats, state governors and local authorities due in February and March.Share article
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