Nigeria’s Buhari backs central bank on new banknotes

Nigerian President Muhammadu Buhari on Sunday said he backed the central bank’s decision to try to mop up excess liquidity by recalling high-value bank
notes and replacing them with newly-designed ones from mid-December.
Central bank governor Godwin Emefiele said last week that of 3.3 trillion naira ($7.54 billion) cash in circulation, 2.7 trillion was held outside the banking sector, which undermined the bank’s monetary policy.
The most frequently-used notes are 200, 500 and 1,000 naira, which are to be replaced by Jan. 31, though officials have not made clear exactly how the plan will work.
“People with illicit money buried under the soil will have a challenge with this, but workers, businesses with legitimate incomes will face no difficulties at all,” Buhari told an interview with a local TV channel.