Published 1 year ago

Nigeria sees cash shortage amid push for redesigned currency

Summary by Ground News

The government is pushing for a cashless economy that is more inclusive. Critics are skeptical, pointing to decades of chronic corruption. The situation has created a parallel market for people to illegally sell the new banknotes. The deadline for Nigerians to deposit old banknotes has been extended to Feb. 10.

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The Independent

Nigeria sees cash shortage amid push for redesigned currency

Experts are warning that Nigeria's push to replace its paper money with newly designed currency notes has created a shortage of cash

1 year ago·London, United Kingdom

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Associated Press News

Nigeria sees cash shortage amid push for redesigned currency

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.

1 year ago·United States

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KRDO

Nigeria sees cash shortage amid push for redesigned currency

By CHINEDU ASADU Associated Press ABUJA, Nigeria (AP) — Experts are warning that Nigeria’s push to replace its paper money with newly designed currency notes has created a shortage of cash. They say people can’t buy what they need and businesses have closed in Africa’s largest economy. Ayokunle Olubunmi of Nigeria’s main ratings agency, Agusto and Co., says the move to replace the new banknotes is “rushed” and commercial banks don’t have enough …

1 year ago·Colorado Springs, United States

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