Nigeria to change currency to manage inflation

Nigeria’s central bank today said it will drop two decimal places of its currency in a bid to better manage inflation, cut back on production costs and promote the use of small-denomination coins.

In a country where cheques and credit cards are rarely accepted, Nigeria’s 140 million people currently carry bundles of naira bills to purchase goods, with the highest note worth 1,000 naira and coins rarely used. One US dollar is worth about 128 naira on the black market.