By CHINEDU ASADU - Associated Press ABUJA, Nigeria (AP) — Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering. The newly designed denominations of 200 (5 U.S. cents), 500 ($1.10) and 1,000... read full story
"long overdue for a new look,"
Photo: In this Tuesday, Oct. 20, 2015, file photo, a money changer counts Nigerian naira currency at a bureau de change, in Lagos, Nigeria. These are sobering times for Africa’s two biggest oil producers. Oil previously provided 80 percent of government revenue in Nigeria and 70 percent in Angola. Nigeria’s 2016 budget is double that of 2015 and based on $38 oil, so the government plans to borrow heavily. Angola’s budget is based on a price of $40, down from an earlier benchmark of $81. Both countries’ currencies have plunged against the dollar.