Nigeria launches new banknotes to mop up counterfeits

New banknotes are being launched in Nigeria today in an effort to fight counterfeiting and the financing of Islamist groups and hostage takers.

It’s hoped the introduction of the new 200, 500 and 1,000 naira notes will help mop up the excess currency in circulation and reduce inflation.

One kidnapping gang has already responded to the launch of the new currency.

They have halved their ransom demand for two adults and two children seized in Zamfara state, insisting it’s paid in the brand new notes.

BBC Africa

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