CBN Plans 'Portable, Convenient' Coins
 11th DEC 2006

The Central Bank of Nigeria (CBN) has plans to encourage the use of loose change in transactions by introducing a range of "more portable and more convenient" coins. CBN deputy director A.O. Ikuseedun said: "The currency structure has been reviewed and the coin series re-designed." Ikuseedun said the coins would be "smaller in size and lighter in weight".
  
He said: "Unlike the existing coins, the re-designed ones are more portable and more convenient to carry." The bank has also urged businesses to make use of cents in their pricing structures and encouraged the public to collect their change. It was likely that the changes were aimed at propping up the perceived value of the Nigerian currency, the naira, while decreasing the costs associated with minting. The director did not indicate when the new coins would be in circulation. 

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