Nigerian central bank warns against cash panic

Central bank ends currency replacement plan as Cardoso pledges more limited role

Nigerian naira
500 naira banknotes

The Central Bank of Nigeria (CBN) has warned consumers against making panic withdrawals of cash and reversed its previous governor’s decision to replace banknotes.

The CBN said on November 14 that it would no longer withdraw notes worth 1,000, 500 and 200 naira. At the exchange rate quoted on the central bank’s website, 1,000 naira is worth around $1.19.

The central bank also said it was receiving reports of currency shortages at banks and bureau de change in major cities. It said these were

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