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


    YOU MIGHT ALSO LIKE

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    From Cameroon to US-Mexico border: 'We saw corpses along the way'

    'We saw corpses along the way'

    Kombo Yannick is one of the many African asylum seekers braving the longer Latin America route to the US.