麻豆社

Nigeria's President Muhammadu Buhari has unveiled new naira banknotes which authorities hope will be successful in combatting counterfeiting, the financing of terrorism, and illicit hoards of cash. Nigerians will have until the end of January next year to swap their old currency.

Tilewa Adebajo, chief executive officer at the independent financial advice company The CFG Advisory, says the change in currency provides an opportunity for the Central Bank to get a handle on the money supply and force people to put back the stash of cash they may have under their mattresses and in their piggy banks, back into the system.

Photo: Nigeria's redesigned naira banknotes. Credit: 麻豆社.