Nigerians are hoarding cash again amid memories of a failed official campaign around this time last year to demonetise high-value naira notes.
Many ATMs have been unable to dispense cash and bank branches have cut daily cash-payment limits to either 5 000 or 10 000 naira ($11.24) from 20 000 naira to deal with the shortages that first emerged in October but have worsened this month ahead of the festive season.
Point-of-sale operators have increased charges for dispensing cash by as much as three times this month, citing an inability to access banknotes.
Source: moneyweb
