Changing a currency: the demonetisation in Nigeria

In November, the governor of the Central Bank of Nigeria (CBN) unveiled plans to the public to replace the ₦‎200, ₦‎500 and ₦‎1000 banknotes. This happened after the President had approved the policy and when asked for reasons for the change, the President explained: ‘‘There was an urgent need to take control of currency in circulation and to address th…