Nigeria’s naira hits record low

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, customers said.

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The Naira redesign and the facing out of the old N200, N500, and N1,000 notes by the CBN has continued to cause an uproar among the citizens as no one are not able to assess the new notes. Just a few days ago, security agencies raided spots across the country to arrest those keeping the new notes.

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The Lagos Chamber of Commerce and Industry says the naira redesign policy is affecting operations of businesses in Nigeria, stressing that the chamber expects a smooth transition to the use of the new notes for business transactions.

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