Nigeria Faces Cash Crunch Again on Anniversary of Failed Demonetization Campaign

Nigerians are hoarding cash again amid memories of a failed official campaign around this time last year to demonetize 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.

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