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The Conversation
The Conversation
Stephen Onyeiwu, Professor of Economics & Business, Allegheny College

Nigeria's central bank made critical mistakes that doomed the country's currency redesign

Nigeria the Central Bank of Nigeria
People queue outside a bank in Lagos on February 22, 2023. Nigeria was hit with a scarcity of cash after the central bank began to swap old Naira notes for new bills. Patrick Meinhardt / AFP

Nigeria has successfully introduced new banknotes on about 10 occasions since independence in 1960. So why has the latest attempt been so controversial and traumatic? And what measures need to be taken to avoid a future debacle?

Nigeria’s central bank announced the introduction of new banknotes last November, with the changeover to new notes scheduled for mid-December. The rollout of the policy disintegrated into chaos, amid mounting anger among ordinary Nigerians.

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