Nigeria hopes new currency notes curb inflation, corruption

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Nigeria has unveiled newly designed currency notes that the West African nation’s central bank says will help curb inflation and money laundering. At the unveiling of the notes Wednesday, Central Bank of Nigeria Gov. Godwin Emefiele said the new notes of higher denominations of 200, 500 and 1,000 naira also would drive financial inclusion and economic growth. But experts are skeptical about such results in a country that has battled chronic corruption for decades, with government officials known to loot public funds that has caused more hardship for the many struggling with poverty. Nigeria’s currency hasn’t been redesigned in 19 years, and the new initiative is the latest by policymakers in their quest for a cashless and more inclusive economy.