14 Mar 2023 | 11:10 AM UTC
Nigeria: Protests over new naira notes possible nationwide through end of March /update 6
Protests in Nigeria over the new naira notes possible through the end of March despite an extension of the deadline.
Event
Protests over the newly introduced naira notes may persist nationwide through at least the end of March. The threat of protests and associated violence has decreased since the Central Bank of Nigeria (CBN) announced on March 13 that the old banknotes will remain legal tender through at least Dec. 31. However, the ability to access funds, including new and old notes, continues to be hampered in parts of the country, raising the risk of localized spontaneous unrest. The Nigeria Labour Congress (NLC) also threatened on March 13 to call on Nigerian workers to strike nationwide should the issue remains unresolved within seven days.
Likely gathering locations include highways, banks, and 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 is possible.
Context
As part of a global so-called cashless strategy to limit the use of cash and encourage the use of digital currencies, 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. The measure triggered mass discontent due to an already challenging security environment and a tense sociopolitical context amid the election period and recurrent fuel shortages. 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. On March 3, the Supreme Court finally ordered the extension of old notes through Dec. 31 following a suit filed by multiple states challenging the policy.
In February, disruptive protests were reported across the country, 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 on Feb. 15.
Advice
Avoid all protests. Confirm all ground transport services before travel. Make allowances for possible business disruptions and queues at banks. Leave the area immediately at the first sign of any confrontation. Heed all advice of security personnel.
