Nigeria was forced to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash.
The country’s old notes were supposed to cease to be legal tender starting February 11 but the country’s Supreme Court suspended that deadline because banks were unable to disburse enough of the new naira. Nigerians have been spending hours in long lines at cashpoints since late last month after rushing to deposit the old banknotes ahead of an initial deadline of January 31. But they haven’t been able to withdraw enough of the new versions to meet their daily expenses.
At a neighboring bank, customers were instructed by staff to withdraw no more than 10,000 naira per person from its ATM. Customers from other banks were directed to withdraw only 1,000 naira from the cash machine. In one Lagos supermarket, cash from the machine was restricted to just 1,000 naira despite the lengthy wait times. “What can we do with 1,000 naira!,This government doesn’t care about us,” security guard Joel Johnson told CNN.
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