Protests over Cash Shortage in Nigeria

NIGERIA – A cash shortage caused by Nigeria’s push to rapidly phase out its old currency notes leading to a new round of protests in the West African nation.

Those protests targeted facilities accused of withholding new bank notes, ahead of a February 10, 2023, deadline for people to deposit old paper currency and use the redesigned version instead. The exchange program started in late November.

The Central Bank of Nigeria introduced the redesigned notes and new limits on large cash withdrawals to help recover about 85 percent of the total currency in circulation.