Nigeria today introduced new banknotes in an effort to combat forgery and the funding of islamist organizations.
The new naira bank notes, according to Nigerian President Muhammadu Buhari, will help manage liquidity in a country where the majority of the currency is kept outside of banks.
The notes that are being replaced are the 200, 500, and 1000 naira notes. The president stated during the introduction of the new notes at the presidential Villa that the notes have new security features and are produced in Nigeria by the Nigeria Security Printing and Minting.
According to reports, Nigeria’s central bank will announce plans to start issuing the new notes to the general public on December 15, 2022.
The deadline for public submission of old notes is January 31, 2023.