New naira crisis exposes Nigeria’s weak minting capacity

With chaos spreading due to the scarcity of new naira notes, Nigeria’s attempt to replace its high-denomination currency notes less than a month before a crucial general election has put a spotlight on the local capacity of Nigeria’s print company.

In Africa’s biggest economy, lengthy queues are the new norm at banking halls and Automated Teller Machines (ATM) as most Nigerians struggle to access money in a slow-growing economy still largely reliant on cash transactions.

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