28 Feb 2023 | 11:32 AM UTC
Nigeria: Protests over new naira notes likely to persist nationwide through mid-March /update 5
Protests in Nigeria over new naira notes likely to persist through mid-March. Further violence possible.
Event
Protests over the newly introduced naira notes will likely persist nationwide through at least mid-March. The ability of residents to access funds continues to be hampered in parts of the country, increasing the threat of protests and associated violence. Disruptive protests have been reported in recent days, including in Abuja, Lagos, Port Harcourt, and the states of Kano, Oyo, Edo, Ondo, Ogun, and Kwara among other affected locations. Participants have obstructed road traffic, including highways, and targeted ATMs and banks, as well as throwing rocks at commuters in some instances. Reports indicate that approximately five people died in the related unrest in Edo and Delta States Feb. 15.
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.
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.
The naira note crisis is triggering mass discontent amid an already challenging security environment and a tense sociopolitical context amid the election period and recurrent fuel shortages. The electoral process during the Feb. 25 presidential election was hampered by the ongoing naira and fuel issues, raising the risk that the popular discontent may further escalate and disrupt daily activities in the short term.
Advice
Avoid all protests. Confirm all ground transport services before travel. Make allowances for possible business disruptions and queues at banks. Heed all advice of security personnel.
