Nigeria Is Going Cashless. So Why Are Nigerians Still Holding Cash?

In early 2023, Nigeria ran out of cash.

After the Central Bank redesigned the naira, old notes disappeared from circulation faster than new ones arrived. ATMs emptied, bank halls overflowed, and people queued for hours hoping to withdraw cash, only to leave empty-handed. In some cities, the frustration spilled into protests.

The crisis pushed millions of Nigerians toward digital payments almost overnight. Three years later, electronic transactions have become routine for millions, yet cash remains deeply embedded in the country’s economy.

For many Nigerians, it was one of the most disruptive moments in recent memory. And not very different for Treasure Adetula, a content lead at a media company, who spoke to Techloy about her experience.

“I remember I was trying to leave school then, and there was no cash,” she says. “Everybody was trying to get cash, and I was just there, relaxed. There was no trying and hoping for me to get any cash from anywhere.”