CLEAN : Nigeria unveils new 200,500 and 1,000 naira banknotes

The video discusses the need for redesigning Nigerian currency notes, highlighting international best practices that suggest redesigning every 5 to 8 years. It has been nearly 20 years since the last major redesign. The benefits include controlling inflation, fighting corruption, and enhancing security features. The redesigned notes will also reflect Nigeria's rich heritage.

Why is it important for national authorities to issue new or redesigned currencies?

Discuss the potential impact of the last major redesign of local currency on the economy.

What challenges might arise from the hoarding of currency in the banking system?