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Stephen Onyeiwu, Andrew Wells Robertson Professor of Economics, Allegheny College

Nigeria’s currency redesign and withdrawal limits: questionable policy and bad timing

Nigeria Central Bank of Nigeria Economy National Assembly

Nigerian president Muhammadu Buhari and Godwin Emefiele, the governor of the Central Bank of Nigeria, present the redesigned banknotes in Abuja. Sodiq/Xinhua via Getty Images

The Central Bank of Nigeria launched new banknotes in November 2022. The new notes came into effect on 15 December 2022.

The apex bank also capped withdrawal of the new banknotes at N100,000 (US$222 at the official exchange rate) per week for individuals, and N500,000 (US$1,111) for corporations.

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