December 5, 2023

Despite the disapproval of the finance minister, Nigeria’s central bank said it would replace some banknotes to offset what its governor said was widespread cash hoarding.

The Governor of the Central Bank of Nigeria, Godwin Emefil, announced on October 26 that new banknotes of 200, 500 and 1,000 naira will be issued. At the official exchange rate, 200 naira is worth 45 cents, but Nigeria has an extensive informal money market that offers much lower rates.

Emefiele said the central bank