Dear Subscriber,
The Central Bank of Nigeria has announced a programme for the change of and design of four of the eight existing denominations of the legal tender. The Naira notes affected are N100, N200, N500 and N1,000 denominations.
Nigeria last changed its currency notes fully in 1984. It was done in a period of 21 days, the land borders were fully closed and inbound flights into the country were scrutinized.
The rationale was that politicians in the 2nd Republic had plundered the National Treasury and the military government wanted to ensure that looted funds were trapped in the old notes and that the government could sanitize the country in its war against corruption and indiscipline. But, that was 38 years ago. The value of the Naira in the forex markets was approximately $1/N1. In other words, there was parity between the U.S. dollar and the Nigerian Naira at that time. A lot of water has since gone under the bridge and the world is not the same as today. The U.K. Prime Minister at that time was Margaret Thatcher and the U.S. President was Ronald Reagan. There was no European Union and there was then West and East Germany.
In the download, the FDC Think Tank shares its perspectives on the change in the Naira denomination on the economy.
Do enjoy your read…
