ABUJA — Early next year Nigeria will introduce a 5,000 Naira bill, worth just over $30, and introduce coins to the economy. Officials say the move will save the country millions of dollars but some analysts say the larger bills will increase corruption.
Modern countries need coins, says the Central Bank of Nigeria. The bank is revamping its currency to keep up with the times. Director of Corporate Communications, Ugo Okoroafor says Nigeria is moving into a new era.
“Let’s not look at Nigeria now,” he said.”We are moving into a society where there will be vending machines. There are parking meters that are coming up. The rail lines are coming back to life. These are areas where coins are very important.”