Nigeria's naira shortage: Why are Nigerians protesting? BBC Africa

In recent weeks, many Nigerians have been left without cash to pay for vital items, due to shortages of newly designed naira banknotes.

As a result, violent protests broke out in several areas. In a bid to calm tensions, President Muhammadu Buhari announced that one of the three banknotes being phased out will be reintroduced into circulation.

Nigeria’s Central Bank launched newly designed 200, 500 and 1000 naira bank notes last November, aimed at curbing soaring inflation, cash hoarding and counterfeiting.

Why is there a shortage of naira banknotes and why are Nigerians protesting?

The BBC’s Nkechi Ogbonna explains.

#nairascarcity #nairadeliverystatus #nigeriaelection2023

Filmed by: Hans Fanfon
Edited and produced by: Gloria Achieng
Executive producer: Princess Irede Abumere
Additional research by: Ifiokabasi Ettang

[coffeecryptid]

This level of incompetence and mismanagement is outrageous. May better times (and better governance) come to Nigeria soon.

[khanyi_zulu]

Crazy times 😥 praying for Nigeria and sending love 💕❤️ from South Africa. 🇿🇦

[HAMUUDI-RMD]

I Feel disgusted when ever I see Nigeria (Who) is said to be the biggest Economy in Africa and the one of the biggest Population in Africa but just like 3rd world country!!
No Clean Water, the ordinary civilians are subjected to poverty While the politicians order Pizza in London What a Shame!!!

[briandortelus]

Who’s here after the helicopter crash before the Super Bowl with Nigerian 🇳🇬 banker?

[kworekwatwinson]

Certain problems should be below Nigeria as Africa's largest economy.

[mitchigansmith]

Trying to phase out cash and reduce spending limits to prevent use of bitcoin and other cryptos while promoting the usage of central bank digital currencies. Why isn't this mentioned?

[markanthonyjames]

This is going on all over the world this is bible prophecy fulfilling Revelation chapter 17 read it and run to Jesus only he can keep us in perfect peace whose mind is stayed on him

[dominicafful]

I think Nigeria should have consulted her big brother Ghana to show her how it's done.Ghana did this in 2007, and both the old and new currencies were used simultaneously till the old ones gradually faded out.

[athicconsulting]

The shortage/scarcity is deliberate .. ! Trust me...the CBN knows how much Naira is in circulation and thus such should not be the case if wat was printed to replace the money in circulation is the same...

[wowso]

Praying for Nigeria 🇳🇬 May God help you ❤

[ngozia]

The cashless policy isn't the issue, but the poor implementation is. How do you introduce a redesigned currency, and expect the old one to phase out in just a week?... Money takes time to phase out. As if that's not bad enough, you didn't even print enough of the new notes, even the 20000 naira withdrawal limit isn't even possible, cause banks are only giving out 1000 (5000 if you are lucky) in a country whose economy is largely based on petty markets. To make matters worse, the same politicians you claim to be checking are the ones showcasing this new notes up and down, at the end of the day, we poor masses are the ones left to suffer this poor implements of this poor policy.

[diazcastro]

So called giant of Africa . This has never been giant of Africa

[errollaaron]

Here in America banks are always empty and ATM are always available. Currency is now in electronic form Nigeria Central Bank get your banking system in order.

[sybex]

Nigerians voted APC and Buhari for 8 years, and now they are complaining.

[thee_interest]

In Kenya we were there once, just a few years ago. Eventually everything will be okay...

[wondersvideos]

We’re not protesting we the Nigeria youths are happy we want change

[lynusoure]

What! Nigeria hasn't gone digital? In Kenya 🇰🇪 even the Keke or Okada man doesn't accept cash. Mobile 📲 money is king in Kenya, in the late 90's Kenya was already King in mobile money. In Kenya you don't even need a bank account, your phone is your bank and your phone number is your bank account number. Kenya had a smooth transition with a currency change.

[DonaldMaila]

Perhaps it's time that Africa goes cashless

[bicksongama]

Nigeria slowly becoming like Zimbabwe.

[FUN]

central bank digital currencies Enslave