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Protests over cash shortage as Nigeria banknote switch looms


Associated Press

ABUJA, Nigeria (AP) — New clashes between protesters and security forces in southern Nigeria have left at least one person injured, amid demonstrations against a cash shortage. That was caused by the West African nation’s push to rapidly phase out its old currency notes. People on Tuesday attacked banks accused of not dispensing the newly designed currency notes, meant to replace the old ones before a Feb. 10 deadline. Nigeria’s antigraft agency, meanwhile, arrested a bank manager it said refused to dispense the new banknotes despite having plenty in the vaults. Other bank officials have been arrested in similar circumstances and the latest “indicates sabotage of the government’s monetary policy by some banks,” Nigeria’s Economic and Financial Crimes Commission said in a statement.

Article Topic Follows: AP National Business

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Associated Press


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