Nigerians lined up on Thursday to withdraw cash on the first day that new 200, 500 and 1,000 naira notes starting circulating, but the notes were a rare sight as most of the money handed out remained in old bills that are being phased out.
The central bank started circulating the redesigned higher-denomination notes on Thursday under a plan to curb double-digit inflation and move towards a cashless economy.
Politically, the currency plan also comes at a sensitive time, with elections for president, National Assembly seats, state governors and local authorities due in February and March. Some politicians, who typically use hard cash for campaign handouts, have denounced it as draconian.
