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Business News/ Photos / Cash-strapped Nigeria continues to struggle due to demonetisation: In pics

Cash-strapped Nigeria continues to struggle due to demonetisation: In pics

8 Photos . Updated: 16 Feb 2023, 06:04 PM IST Livemint

The Nigerian government's demonetisation plan appears to have backfired, with people continuing to struggle amid shortage of new denominations in the country.

In an effort to cut down on corruption and inflation in the country, the Nigerian government announced demonetisation of Naira notes of 1,000, 500, and 200 denomination. However, a shortage of new notes has since led to nationwide chaos. (AFP)

1/8In an effort to cut down on corruption and inflation in the country, the Nigerian government announced demonetisation of Naira notes of 1,000, 500, and 200 denomination. However, a shortage of new notes has since led to nationwide chaos. (AFP)

Hoping to get their money from the banks or take some out of an ATM, anxious and angry Nigerians have no other option but to wait in long queues. The government has set the deadline to exchange old money as 17 February. (AFP)

2/8Hoping to get their money from the banks or take some out of an ATM, anxious and angry Nigerians have no other option but to wait in long queues. The government has set the deadline to exchange old money as 17 February. (AFP)

As people continue to wait for long hours in front of bank ATMs, there are reports of angry mobs burning the machines down. Nigeria will see its next general election within weeks on February 25. The election will find the successor of President Muhammadu Buhari after the end of two terms. (REUTERS)

3/8As people continue to wait for long hours in front of bank ATMs, there are reports of angry mobs burning the machines down. Nigeria will see its next general election within weeks on February 25. The election will find the successor of President Muhammadu Buhari after the end of two terms. (REUTERS)

As the situation worsens, some state governments have taken the help of courts, demanding the use of both old and new currency until the banks are able to provide enough cash. (REUTERS)

4/8As the situation worsens, some state governments have taken the help of courts, demanding the use of both old and new currency until the banks are able to provide enough cash. (REUTERS)

As the Nigerian economy is heavily dependent on cash, the demonetisation smaller banknotes has left the common people completely bereft. Many do not have sufficient money to even make ends meet or purchase basic commodities. (AFP)

5/8As the Nigerian economy is heavily dependent on cash, the demonetisation smaller banknotes has left the common people completely bereft. Many do not have sufficient money to even make ends meet or purchase basic commodities. (AFP)

The country is witnessing frequent riots in different cities due to breakdown of the system amid the shortage of the new currency and the inability of banks to exchange notes or provide cash. There is also news of people protesting by stripping down their clothes in bank premises.  (REUTERS)

6/8The country is witnessing frequent riots in different cities due to breakdown of the system amid the shortage of the new currency and the inability of banks to exchange notes or provide cash. There is also news of people protesting by stripping down their clothes in bank premises.  (REUTERS)

Demonetisation has been exceptionally harsh on Nigerians as Africa's most populous country is also facing fuel shortages and massive inflation. The lack of an established digital economy to support cashless transactions has also made the transition harder. (AFP)

7/8Demonetisation has been exceptionally harsh on Nigerians as Africa's most populous country is also facing fuel shortages and massive inflation. The lack of an established digital economy to support cashless transactions has also made the transition harder. (AFP)

Demonetisation has been harsher for the rural areas of the country, where people prefer to keep their savings at home rather than in banks. However, the deadline is likely to get extended following the intervention of Nigeria's top court in the situation. (REUTERS)

8/8Demonetisation has been harsher for the rural areas of the country, where people prefer to keep their savings at home rather than in banks. However, the deadline is likely to get extended following the intervention of Nigeria's top court in the situation. (REUTERS)

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