ABUJA, Dec 16 (Reuters) – Nigerians lined up to withdraw cash on the first day that new 200, 500 and 1,000 naira notes starting circulating, but they were in short supply as most of the money handed out remained in old bills that are being phased out, customers said.
Nigeria's central bank started circulating the redesigned higher-denomination notes on Thursday under a plan to curb double-digit inflation and move towards a cashless economy.
"A few (notes) came into the bank so we are going to be giving out … just a few too," one cashier told Reuters.
The equivalent old notes cease to be legal tender on Jan. 31, and people have until then to deposit them at banks and get the corresponding sum credited to their accounts.
Many Nigerians say that deadline is too tight for those living in rural areas or working in informal markets.
"Out of 300,000 naira I withdrew, I ended up having 2,000 naira (in) new notes," an agent who collect deposits and make payments on behalf of banks told Reuters on Thursday. "I was very disappointed."
Politically, the currency plan also comes at a sensitive time, with elections for president, National Assembly seats, state governors and local authorities due in February and March. Some politicians, who typically use hard cash for campaign handouts, have denounced it as draconian.
Our Standards: The Thomson Reuters Trust Principles.
U.S. President Joe Biden on Thursday announced he would support the African Union joining the G20 group of large economies as a permanent member, part of Washington's efforts to reinvigorate ties with a region that has taken a back seat to other priorities in recent years.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
New Nigerian naira notes a rare sight on first day of circulation – Reuters
