IMF Urges Caution in Nigeria’s Currency Notes Redesign Plan
- Fund says it’s ready to offer assistance to country if needed
- Nigeria replacing higher denominations of notes to curb cash
Nigeria plans to issue redesigned 200-, 500- and 1,000-naira notes from mid-December.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
The IMF has urged Nigeria to apply caution in its plan to replace higher denominations of the naira and avoid any missteps that could undermine confidence in the financial system.
The International Monetary Fund has reached out to the central bank to get more information on the plan which was announced on Wednesday, Ari Aisen, the lender’s resident representative, said in an emailed response to questions. “We stand ready to provide any assistance as needed,” he said.