Nigeria’s central financial institution will enable previous financial institution notes to proceed as authorized tender till year-end to adjust to a court docket order earlier this month, the financial institution stated in a press release late on Monday, elevating hopes this may ease acute money shortages within the economic system.
The Supreme Court docket on March 3 ordered the Central Financial institution of Nigeria (CBN) to increase till Dec. 31 the usage of previous 1,000, ($2.17) 500 and 200 naira notes, whose preliminary withdrawal from circulation turned an election problem after it induced widespread hardship and anger.
CBN stated it was complying with the regulation and that the previous notes would flow into with new ones of equal worth.
In a rustic the place most individuals depend on money for every thing from shopping for meals from markets to taxi fares, the shortages of naira payments has riled residents, a few of whom have attacked banks and burned cash-dispensing machines.
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