Inflation is a chronic problem in Nigeria. The annual inflation rate was at 21.82 percent in January, up from 21.34 percent one month earlier. This is its highest rate since September 2005.
Coins typically disappear in an economy where they no longer have purchasing power. In such an environment, bank notes appear in ever-increasing denominations, while the lower denominations vanish for the same reason as the coins.
Nigeria is full of economic surprises. During February several publications reported bank customers receiving bags of coins with a total value of 2,000 (naira) rather than much less cumbersome
