CBN said it was complying with the law and that the old
notes would circulate with new ones of equivalent value.
In a country where most people rely on cash for everything
from buying food from markets to taxi fares, the shortages of
naira bills has riled citizens, some of whom have attacked banks
and burned cash-dispensing machines.
(Reporting by Camillus Eboh; writing by MacDonald Dzirutwe;
Editing by Sandra Maler)
ABUJA, March 13 (Reuters) - Nigeria's central bank will
allow old bank notes to continue as legal tender until year-end
to comply with a court order earlier this month, the bank said
in a statement late on Monday, raising hopes this would ease
acute cash shortages in the economy.
The Supreme Court on March 3 ordered the Central Bank of
Nigeria (CBN) to extend until Dec. 31 the use of old 1,000,
($2.17) 500 and 200 naira notes, whose initial withdrawal from
circulation became an election issue after it caused widespread
hardship and anger.
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