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Two commercial banks have reportedly been set on fire during riots in Warri city in southern Nigeria over the scarcity of cash following the central bank's controversial decision to scrap the use of old banknotes.

Some banks were also said to have been broken into and looted.

In Benin City, angry protesters surged towards the local offices of the central bank, but were pushed back by security officers who fired tear gas.

In the city of Ibadan, protesters blocked roads as they complained about the non-availability of new banknotes.

The central bank says the currency redesign and replacement policy will help it tackle inflation by reducing the amount of cash in circulation.

The new notes would also be harder to forge, it adds.