People in queue to cash money: Photo credit- Reuters
People in queue to cash money: Photo credit- Reuters

Naira shortage: Nigerians sleeping outside banks

Nigeria is currently experiencing shortage of its currency—Naira.

Many Nigerians are therefore being compelled to sleep at the premises of banks in their attempt to get access to their new Naira notes.

Nigeria is introducing new notes of its Naira currency, hence people are eager to get access to the new notes.

Those sleeping outside the banks are hoping to get the new notes when the ATM machines are loaded with the fresh currency.

A lack of newly designed naira notes has led to a cash shortage and a growing sense of anxiety among those desperate to get hold of their money in a country where 40% of the population don't have bank accounts.

The Supreme Court has even become involved and has ordered that the deadline to hand in old notes be extended but this has made little difference.

The Central Bank of Nigeria (CBN) said it redesigned the higher denomination notes - 200, 500 and 1,000 naira - to replace the dirty cash in circulation, to tackle inflation, curb counterfeiting and promote a cashless society.

It hoped the redesign would bring some of the money being hoarded by individuals and companies back into the financial system.

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