Nigeria launches new Naira notes to mop up counterfeits

Nigeria has launched new banknotes today in an effort to fight counterfeiting and the financing of Islamist groups.

Nigerian president Muhammadu Buhari on Wednesday said the new naira bank notes would help to control liquidity in an economy where most money is held outside the bank.

The 200, 500 and 1000 naira notes are the ones being replaced. The redesigned notes which are produced in Nigeria by the Nigeria Security Printing and Minting have new security features, the president said during the introduction of the new notes at the presidential Villa.

The central bank of Nigeria is reported to announce plans of issuing the new notes to the public from December 15, 2022.

Members of the public have till January 31, 2023, to hand in their old notes.