Nigeria’s push for redesigned currency creates cash shortage

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Experts are warning that Nigeria’s push to replace its paper money with newly designed currency notes has created a shortage of cash. They say people can’t buy what they need and businesses have closed in Africa’s largest economy. Ayokunle Olubunmi of Nigeria’s main ratings agency, Agusto and Co., says the move to replace the new banknotes is “rushed” and commercial banks don’t have enough new cash to give to customers. Policymakers say the redesigned banknotes and new withdrawal limits would help curb the use of money to influence Nigeria’s Feb. 25 presidential election. Experts argue the currency changes are being done at the expense of most Nigerians.