17 Feb 2023 | 12:40 PM UTC
Nigeria: Protests over new naira notes and recurrent fuel shortages persist as of Feb. 17 /update 3
Protests over new naira notes and recurrent fuel shortages persist across Nigeria as of Feb. 17. Further protests likely; violence possible.
Event
Protests over the newly introduced naira notes and recurrent fuel shortages persist across Nigeria as of Feb. 17. Disruptive protests have been reported in recent days, including in Abuja, Lagos, and the states of Kano, Oyo, Edo, Ondo, Kwara, and Rivers among other affected locations. Participants have obstructed road traffic, including the Lagos-Abeokuta expressway Feb. 14 and the Lagos-Ibadan expressway Feb. 17, and frequently target ATMs and banks, as well as commuters in some instances. Reports indicate that people died amid realted unrest Feb. 15, including three in Benin, Edo State, and two in the Udu area of Delta State.
Likely gathering locations include highways, banks, and Central Bank of Nigeria (CBN) offices nationwide. Heightened security and localized disruptions are likely near all protests. The potential for clashes with security or angry commuters is elevated, notably if protesters obstruct road traffic and security forces attempt to disperse. Higher demand for cash and related long queues are possible. Increased demand at available fuel stations remains possible and may prompt congestion on nearby roads.
Context
The CBN introduced a new series of N200, N500, and N1000 banknotes on Dec. 15 and initially announced that existing currencies were no longer be considered legal tenders from Jan. 31. Due to several issues and popular discontent over the measure, the CBN extended the deadline to Feb. 10. President Muhammadu Buhari on Feb. 16 gave approval to the CBN to extend the deadline to turn in old banknotes until April 10. The measure is part of a global so-called cashless strategy to limit the use of cash and encourage the use of digital currencies.
In addition, fuel shortages persist in various parts of the country as of Feb. 17. The scarcity has prompted long queues at available fuel stations in major cities, including Abuja, Lagos, and Port Harcourt, among other affected locations. Price hikes have also been reported at stations nationwide despite regulated prices imposed by the government. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned the scarcity may last until June, when the government plans to end fuel subsidies.
These issues trigger mass discontent amid an already particularly challenging security environment and a tense sociopolitical context amid the election period. Should the issues remain unresolved in the coming days and possibly on polling day Feb. 25, the popular discount will certainly grow and may further disrupt daily activities.
Advice
Avoid all protests. Confirm all ground transport services before travel. Make allowances for possible business disruptions and queues at banks and gas stations. Heed all advice of security personnel.
