Nigeria delays plans to switch its banknotes after chaotic scenes at ATMs

Abuja, Nigeria
CNN
 — 

Nigeria was forced Wednesday 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.

That shortage has led to frayed tempers and untold hardship for millions of Nigerians, particularly those who work in the cash-based informal economy and for citizens who live in rural areas….

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