Nigeria halts plan for new, large banknote

AP News
Posted: Sep 21, 2012 9:29 AM

LAGOS, Nigeria (AP) — Nigeria's Central Bank says it has halted its plan to introduce a banknote five times larger than the biggest denomination in the country.

In a statement published Friday, the Central Bank said it made the decision to stop the plan to print the 5,000 naira note at the urging of President Goodluck Jonathan. Public outcry followed the bank's decision in August.

The introduction of a 5,000 naira note, worth $31.25, comes less than a decade after the country introduced a 1,000 naira note. Over that time, the worth of the naira continued its long slide and analysts believe it will continue to drop.

The bank also said it would stop its plan to change all notes from 20 naira, worth 12 cents, and lower into coins.