Nigeria

Demonetization took place in Nigeria in1984 during the government of Muhammadu Buhari. The economic system did not take the change very well and debts and inflation hit the country. Hence, the economy of Nigeria collapsed.

Nigeria currency Nigerian naira
Image Credit: naija.ng

Ghana

There was an increasing number of tax evasion and liquidity in Ghana in 1982. In order to tackle the situation, the government introduced the scheme but the black market of the country won the support of the people which made the economy of Ghana, weak.

Ghana currency Ghanaian cedi
Image Credit: topbusinessjournel.com

Zimbabwe

Zimbabwe saw a period of demonetization when in June the holders of the Zimbabwe dollar were asked to hand in the currency to the banks by September 30, 2015. The banned Zimbabwean currency was a hundred trillion dollar note and its ban gave the country’s economy a hard hit.

Zimbabwe currency Zimbabwe dollar
Image Credit: Reserve Bank of Zimbabwe/Public Domain

North Korea

Kim-Jong Li introduced a reform in the currency that removed two zeros from the face value of it with the aim to end the black market. This led to a serious downfall in the life condition of the people.

North Korea Currency North Korean won
Image Credit: Reuters

India

With a sudden ban on two of the Indian notes, India has been trying to cope with the demonetization, which took place in November 2016.

Image Credit: WeForNews

Pakistan

The Pakistan demonetization was dissimilar to the one that was carried out in India. The motive behind this move was to replace the old currency notes with the new designed notes instead of banishing the black market.

Pakistan Currency Rupee
Image Credit: BankNotes

WI Editorial Staff

Team at World Infi

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