Specials more

Top 5 - yesterday

Top 5 - last week

Top 5 - last month

Nigeria: Old currency can be used longer as cash crisis persists

Nigeria’s Central Bank has extended the timeline to swap out its old currency for redesigned notes after the change triggered a cash shortage. This Monday, the Central Bank announced that the old notes of 200 naira (43 U.S. cents), 500 naira ($1.08) and 1,000 naira ($2.16) will remain legal tender until Dec. 31. Bank spokesman Isa Abdulmumin said the extension was meant to comply with a directive from the country’s Supreme Court, which ruled that the program’s implementation broke the law.

On Tuesday, both old and redesigned notes were still not available for thousands queued at banks in Nigeria’s capital of Abuja. There has been a cash shortage since early February because not enough redesigned notes have been printed to replace the old ones in the cash-reliant country.


Publication date:

Receive the daily newsletter in your email for free | Click here

Other news in this sector:

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

You are using software which is blocking our advertisements (adblocker).

As we provide the news for free, we are relying on revenues from our banners. So please disable your adblocker and reload the page to continue using this site.

Click here for a guide on disabling your adblocker.