Nigeria’s questionable new banknote

The new bill, the country’s largest, will be worth $30 and has earned scorn in some circles.

Nigeria’s new 5,000-naira banknote, worth five times as much as the previous largest, has earned scorn from money changers well aware than at least 100 million citizens earn less than 160 naira per day.

Likewise, economists question how the introduction of a new note dovetails with government plans to begin making Nigeria a cashless society next year.

But the central bank says the country’s booming economy and middle class, in addition to bank costs for handling so many small notes, make the new 5,000-naira bill a good idea.

Yvonne Ndege reports from Lagos.

Source: Al Jazeera

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