Nigeria's push to replace its paper money with newly designed currency notes has created a shortage of cash, leaving people unable to buy what they need and forcing businesses to close across the West African nation, experts and business groups said.
The Central Bank of Nigeria says the redesigned denominations of 200 , 500 and 1,000 naira notes and new limits on large cash withdrawals would help curb money laundering and make digital payments the norm in Africa's biggest economy.
The government is pushing for a cashless economy that is more inclusive and says the changes will drive economic growth. Critics are skeptical, pointing to decades of chronic corruption in which government officials are known to loot public funds and create more hardship for the many struggling with poverty.
"Someone might want to transfer funds to you, but it can't be processed and they don't have cash because of this issue," said Chima Ekwueme, who sells car parts in Nigeria's capital, Abuja. "Sometimes, I ask them to drop my goods and go and find money anywhere." Authorities should allow more time for the old notes to be gradually replaced by the new ones, he said.
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