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Vol 50 No 20

Published 8th October 2009


Nigeria

Bankable Assets

The introduction by the Central Bank of Nigeria of polymer banknotes on 1 October has been blighted by accusations that millions of pounds in illegal commissions have been paid to bank officials through offshore tax havens to secure the currency contracts. When asked about the matter at the International Monetary Fund and World Bank Annual Meetings in Istanbul, Turkey, on 7 October, CBN Governor Lamido Sanusi said he did not know any details about the companies supplying material to produce the banknotes. Africa Confidential understands the contracts were agreed by his predecessor, Charles C. Soludo.

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