Nigeria sees cash shortage amid push for redesigned currency

Nigeria sees cash shortage amid push for redesigned currency

a year ago
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https://apnews.com/79af9efa63c7f7d41913f4f8bb63db5f

ABUJA, Nigeria (AP) — Nigeria's push to replace its paper money with newly designed currency notes has created a shortage of cash, leaving people unable to buy what they need and forcing businesses to close across the West African nation, experts and business groups said.

The Central Bank of Nigeria says the redesigned denominations of 200 (43 U.S. cents), 500 ($1.08) and 1,000 naira ($2.17) notes and new limits on large cash withdrawals would help curb money laundering and make digital payments the norm in Africa’s biggest economy.

Nigeria sees cash shortage amid push for redesigned currency

Jan 31, 2023, 11:19am UTC
https://apnews.com/79af9efa63c7f7d41913f4f8bb63db5f > ABUJA, Nigeria (AP) — Nigeria's push to replace its paper money with newly designed currency notes has created a shortage of cash, leaving people unable to buy what they need and forcing businesses to close across the West African nation, experts and business groups said. > The Central Bank of Nigeria says the redesigned denominations of 200 (43 U.S. cents), 500 ($1.08) and 1,000 naira ($2.17) notes and new limits on large cash withdrawals would help curb money laundering and make digital payments the norm in Africa’s biggest economy.