There’s growing anxiety for some in Nigeria as they desperately try to swap their old naira notes for the new ones before the 10 February deadline.
After that date, the old cash will be worthless but can be exchanged for a further seven days at the country’s central bank. But it seems that there are not enough of the new notes to go around which has sparked anger and some spontaneous protests at banks.
Videos and pictures of some people stripping to their underwear are being shared on social media.
Access bank no gree allow men access their money. pic.twitter.com/1ohukGiqvy
— Morris Monye (@Morris_Monye) February 2, 2023
A video of people fighting over access to an ATM has also got a lot of attention.
The deadline to exchange the money was supposed to have been 31 January, but it was extended by 10 days to give more people in rural areas time to get the new notes, the central banks’ governor had said.
When the bank announced in October that the 1,000 ($2.18, £1.75), 500 and 200 naira notes were to be replaced, it said 80% of the notes in circulation were outside banks.
The central bank believes that with the redesigned currency it will have a better understanding of the money circulating in the economy so it can better manage inflation.