Nigerians getting rugged
The Central Bank of Nigeria began circulating newly designed banknotes worth 1,000, 500 and 200 naira (2.03, 1.02 or 0.41 euros) on December 15, 2022. The move was intended to replace dirty, old cash currently in circulation, tackle inflation and counterfeiting, as well as promote a cashless society.
The old banknotes were set to expire on February 10, before Nigeria's President Muhammadu Buhari extended the deadline for citizens to continue using their old 200 naira banknotes until April 10. The 500 and 1,000 naira notes must be exchanged or deposited in banks.
But a lack of new notes in the banks – as well as allegations that banks are hoarding the new notes – have left people desperate, with lines forming outside banks and at ATMs.