0 sats \ 1 reply \ @KenyaCoin OP 27 Oct 2022 \ on: Nigeria to redesign N200, N500 & N1,000 notes and demonitize old notes Jan 2023 bitcoin
Here's another article on this development, from Bloomberg:
Flight to Dollars a Risk as Nigeria Replaces High-Value Currency
https://www.bloomberg.com/news/articles/2022-10-27/flight-to-dollars-a-risk-as-nigeria-replaces-high-value-currency [Archive]
Also, Bloomberg put out an article with a response from the IMF:
The short period “could create huge operational pressure on banks and some traders may prematurely reject the existing currency notes once the new ones come into circulation,” Kingsley Moghalu, former deputy governor of the central bank, said by text message.
An estimated 45% of adults in Africa’s most populous country dont’ have a bank account.Kazeem Olayiwola, 44, a commercial taxi driver in the capital, said he was concerned about the time he will have to spend in line to change the notes.“Standing in queue for hours will cost me money that I am trying to make,“ Olayiwola said.
IMF Urges Caution in Nigeria’s Currency Notes Redesign Plan
https://www.bloomberg.com/news/articles/2022-10-28/imf-urges-caution-in-nigeria-s-currency-notes-redesign-plan [Archive]
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