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Destroying ATMs, breaking into banks and setting up blockades in the street: angry protests erupted on February 15 in several cities across Nigeria as people struggle to get their hands on newly designed banknotes. Frustration is mounting as some citizens can’t even purchase basic necessities amid widespread shortages of the new currency, just a week ahead of the 2023 general elections.
The Central Bank of Nigeria began circulating newly designed banknotes worth 1,000, 500 and 200 naira (2.03, 1.02 or 0.41 euros) on December 15, 2022. The move was intended to replace dirty, old cash currently in circulation, tackle inflation and counterfeiting, as well as promote a cashless society.
The old banknotes were set to expire on February 10, before Nigeria’s President Muhammadu Buhari extended the deadline for citizens to continue using their old 200 naira banknotes until April 10. The 500 and 1,000 naira notes must be exchanged or deposited in banks.
But a lack of new notes in the banks – as well as allegations that banks are hoarding the new notes – have left people desperate, with lines forming outside banks and at ATMs.
What in God’s name is this!!!
We are in a country that do not even give a damn about us. A lot of people abandoned their works just to collect 1000 naira, which they will stand on that queue for hours for.
The bank officials explain to them that they can only get 1000 a day and pic.twitter.com/TRfwjqohzX— Oyatybabe (@oyatybabe) February 2, 2023
A video shared on Twitter on February 2, 2023 shows a long line of people queuing up to collect naira banknotes at a United Bank of Africa branch.
Some merchants…
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