Nigerian governor says new banknotes will lessen cash hoarding
Governor says 85% of notes are outside banking system as finance minister criticises move
The Nigerian central bank said it would replace certain banknotes to counteract what its governor called widespread cash hoarding, despite the finance minister expressing disapproval.
Central Bank of Nigeria governor Godwin Emefiele announced on October 26 that it would introduce new banknotes for 200, 500, and 1000 naira. At official rates, 200 naira is worth 45 US cents, but Nigeria has extensive informal currency markets offering a much weaker exchange rate.
Emefiele said the central bank
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