Nigeria's cashless experiment leads to chaos

“ "They made us put all our money into our accounts, and now we can't access it. It's unbearable," Osarenoma Kolawole told the news outlet.

The Central Bank redesigned the higher denomination notes of 200, 500 and 1,000 naira to prevent hoarding and get the money back into the system. There have been long lines outside of banks as citizens attempt to get access to new fiat currency.

In the meantime, citizens have often been unable to make online payments and transfers due to the fact that the infrastructure isn't sufficient to sustain it.

"The whole idea was to limit how much cash people have access to, in order to encourage them to make digital payments, so they [CBN] can monitor where money goes," Paul Alaje, a senior economist at management consultants SPM Professionals, told the BBC. ”

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