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Nigeria’s naira reform halted

October 16, 2012 – Nigeria was to introduce new coins and a banknote of higher denomination. But after protests Nigeria’s president Goodluck Jonathan ordered the naira reform to be stopped until the Central Bank of Nigeria has communicated better its policy.

Currently there are three coin types up to N2 (ca $0,013), the highest value banknote is of N1,000 (ca $6,29). In order to facilitate the payment of high-value goods, Nigeria’s president decided to introduce a N5,000 banknote. At the same time more enduring coins were designed to substitute the banknotes up to N50. However people protested since they fear an increasing inflation. Coins are not much used in Nigeria, anyway. For the time being the Central Bank is to convince customers of the advantages of the new coins and banknotes.

The BBC reported on the new development in Nigeria.

More detailed information offers a Vanguard article.

The Central Bank of Nigeria gives an overview of the country’s current legal tender …

… and answers to frequently asked questions regarding the currency.

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