A supposedly harmless currency redesign policy for the Nigerian naira resulting in a cash swap program implemented by the Central Bank of Nigeria turned into a full-blown crisis that came to a head in the last seven days as scarcity and persistent difficulties in accessing the new notes led to disruptions in business and economic activities and the daily lives of Nigerians held captive by a policy the CBN assured would mop up illicit naira notes and promote a cashless economy.
The climax of the tension became apparent as the initial deadline of January 31, 2023, for people to turn in their old notes drew closer before the apex bank announced an extension of 10 days to allow Nigerians more time to change their old notes for the new designs.