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Cash Chaos: Nigeria Faces Unprecedented Currency Scarcity by Nigeria2day(m): 5:24pm On Feb 07, 2023
An attempt by Nigeria’s central bank to redesign some denominations of the country’s currency and withdraw the old designs from circulation has resulted in an acute currency scarcity, breeding chaos on the streets, with bank workers fleeing for their lives.

On Tuesday morning, a video (shown below) of some bank workers clambering onto a wooden ladder across a walled fence of the bank’s premises to escape irate customers circulated on social media.

Bank employee scamper to safety
That was just one of the many chaotic scenes that have played out across many locations in Africa’s largest economy over the past week.

The plan had been simple – to redesign the N1,000, N500, and N200 notes, withdraw the old designs from circulation within 100 days, and introduce the new Naira notes at least 45 days before the old designs cease to be legal tender. The plan did not work or is not working.

Read more>>> https://nigeriatodaynews.com/nigeria-cash-chaos-africas-largest-economy-faces-unprecedented-currency-scarcity/

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