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Nigeria to issue new bank bills

Nigeria nuevos billetes de banco

Nigeria to issue new bank bills

Abuja, Nov 11 (Prensa Latina) Nigerian authorities on Friday announced the circulation in December of new bank bills as an antidote against terrorism, vote buying, and hoarding of money earned through corruption.

Attacks by the Islamist movement Boko Haram and rampant administrative corruption are two of the evils hitting society in Nigeria, the most populous country in Africa with 206 million inhabitants, according to the most recent statistics.

From London, Nigerian President Mohammadu Buhari told Nigerian television that there is no going back on the plan, which includes the redesign of the 200, 500, and 1,000 naira bills (1 naira is equivalent to 00.0023 dollars) which will lose their value in late January.

According to estimates by the National Bank of Nigeria (NNB), the amount in circulation totals some 2.7 trillion nairas, which is used to pay ransoms for victims kidnapped by Islamists and criminal gangs operating in the north of the country and to buy votes during an election.

It also minimizes the possibility of counterfeiting, which is increasing due to breakthroughs in printing and computer techniques, the NNB statement adds.

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