Nigeria's Old Currency Can Be Used Longer Amid Cash Crisis

Nigeria’s central bank has extended the timeline to swap out its old currency for redesigned notes after the change triggered a cash shortage, forcing businesses to close and leaving millions unable to withdraw their money, the Associated Press reported. The Central Bank of Nigeria announced on Monday that the old notes of 200 naira (43 U.S. cents), 500 naira ($1.08) and 1,000 naira ($2.16) will remain legal tender until Dec. 31. Bank spokesman Isa Abdulmumin said the extension was meant to comply with a directive from the country's Supreme Court, which ruled that the program's implementation broke the law. On Tuesday, both old and redesigned notes were still not available for thousands queued at banks in Nigeria’s capital of Abuja. There has been a cash shortage since early February because not enough redesigned notes have been printed to replace the old ones in the cash-reliant country. Analysts have accused authorities of poorly implementing the policy in Africa's largest economy, where digital payment services are usually not reliable and only 45% of adults have a bank account, according to the World Bank. Read more.