Starting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1. Redesigning Currency a Global Best Practice The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, recently said his institution will begin circulating newly-designed naira banknotes on December 15. Emefiele claimed the injection of the new notes into Nigeria’s financial system is intended to help the CBN tackle fraud, inflation, and the insecurity challenge. According to Emefiele, who made the announcement at a recent press conference, the affected banknotes are 100, 200, 500 and 1,000-naira banknotes. In justifying the decision to redesign the banknotes, the CBN governor said doing so is a global best practice which must be carried out every five to eight years. Emefiele said Nig
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