Nigeria's naira shortage: Why are Nigerians protesting? BBC Africa
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- Опубликовано: 10 сен 2024
- 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
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This level of incompetence and mismanagement is outrageous. May better times (and better governance) come to Nigeria soon.
Not under APC & PDP
Wait to see tomorrow in Lagos,APC rally and plenty supporters unfortunately.
@@sybex200 Why do people continue to vote for them? Masochism?
@@coffeecryptid9865 Lack of education and understanding the consequences.
Nigerians are their own enemies in their own country called Nigeria until they change and stick up against lawless country called Nigeria and politicians thieves in power looting stealing oppressing Nigerians the suffering continues
Crazy times 😥 praying for Nigeria and sending love 💕❤️ from South Africa. 🇿🇦
Thank you so much love we really appreciate ❤️
Don't pray for us, It is political against vote buying in the coming general elections. Nigeria wants to get it right this time.
You cant send anything, South Africa doesnt have electricity and no post offices that work
Your country is a 🗿 shhvthole
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!!!
We have clean water👀
Go and feel better about ghana or Ethiopia since they are far better and stop worrying shout nigeria
Disclaimer we (nigeria) have clean water though there is a distress ok the country because of naira shortage.
It Seems you don't understand the context....
@@mohamoudabdideria2469 , what is the context? This reporter or you are not in Nigeria. Both of you are the ones who does not understand.
Praying for Nigeria. Love from 🇬🇭
Certain problems should be below Nigeria as Africa's largest economy.
Not making excuses but if America is one of the richest countries in the world, poverty and homelessness should be beneath us as well. It's not and it sickens and saddens me.
@@MidNovembersDreamaugnovThey wouldn't have homelessness if the USA government weren't too busy taking in and housing immigrants and sending billions to Ukraine.
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
in peter obi we trust
obi will never be president.
Obi is a fraud
@@jidebolarinwa697 Yes, he's from the south east so he can never be President. But u are not a tribalist.
@@jidebolarinwa697 shut up
@@muktartijjaniahmad7604 every northern president has ruined the country
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...
The idea is not to print the same volume again. The idea is to print lesser bills so that there would be less cash in circulation. People keep billions in cash and it's a mess for the economy. Money should be in circulation and for that to happen, we must accept a cashless policy. The beginning is very tough but Nigerian politicians are sabotaging the effort of the APEX bank because they are the criminals hoarding large amounts of cash in the country. For the past 2 years, I have never had over 100k in cash but I do businesses running in six figures. Politicians are the same people rushing to grab new notes. We have celebrated these clueless and evil politicians enough. We need a change and a total sweeping
@@BlackTizza I feel you! one love from zambia
I saw a video from 3 months ago where they literally discussed their plan to reduce the availability of 500 and 1000n notes....
Now that they did it, they are claiming innocent, while innocent people suffer
@@proverbalizer Literrally robbing the unbanked !Its sad
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?
yes they want total control of everything you do
The report also does not mention that the Supreme Court has set orders and hearing dates that the Federal Government is flouting. This report is deficient and not the whole story.
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.
Don't be dumb this one is different
we also have new notes in south africa and we still using the old ones
Praying for Nigeria
Nigerians voted APC and Buhari for 8 years,and now they are complaining.
In Kenya we were there once, just a few years ago. Eventually everything will be okay...
The problem is we can't get food or water. So we might not see the end if we're dead?
Nope this is actually worse. At least we had the notes at the bank. These guys haven't printed enough notes to distribute even.
You don't know what it coming to Kenya in the future! It will be worse as you already got M-Pesa system everywhere! That's just a balloon essay for you and Nigeria.
You'll be forced to use only bank cards that will include even your identity. And, no more cash will be allowed to you and Nigeria!!! Ask your government what they are planing in the short future!
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.
My brother you're right. Nigeria is far behind in almost everything. I'm a Nigerian but the truth must be told
That is why you will be sheeps soon. A money system needs enough supply of both i.e. digital + tangible.
@@michaelogunronbi237NO need to add you are nigerian, its quite easy to move to kenya, you should move there permanently
@@jidebolarinwa697 truth hurts, right?
@@jidebolarinwa697 truth hurts, right?
Praying for Nigeria 🇳🇬 May God help you ❤
We’re not protesting we the Nigeria youths are happy we want change
Why are you inventing falsehood? It's being reported all across the news, Punch Newspaper, Vanguard Newspaper, and now the BBC. Even the US embassy recently released a statement over the issues of rallies and travel advisory and you're here telling untruths... To what end exactly?
I feel sorry for you…learn what does digital currency means to your future
@@Xx_GhostAlpha7_xXexactly don’t allow them to do that to you Nigeria! Fight for your right.
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.
cashless policy is the issue in the first place. they can even whitelist what you can buy at all, or any reasons that takes your money out.
@@lottery248exactly and anyone who angers the powerful will have their money turned off
cbdc is the issue TO BE A SLAVE ALL OVER AGAIN for ? the WEF
@ngozia they can control how you spend your money. You can't see now but you soon will. Cash is freedom.
@@lonalxaia cash is freedom and Fester's crime, especially in Nigeria. Our cash economy allows for free movement of crime, hence the reason for the cashless policy. In Nigeria, someone can withdraw 24000000 naira cash, it's wrong.
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.
So called giant of Africa . This has never been giant of Africa
Kidnapping has gone down too. So this might be a good idea. Use you cash mobile.
Lmao.... where did kidnapping drop?
Perhaps it's time that Africa goes cashless
globalists agenda
@@mazwideamahle4091 been sold for 30 pieces of silver to satan. Only way around it is through trading gold and other merchant assets. Due to Africa's vast resources it is possible not to enter the mark of the beast, eep your freewill and live around a demonic system.
@@mazwideamahle4091 don't have to be religious to read the book of revelations. You don't read it be a bit hard to explain how your freewill will be taken away via a corrupt buying and sell cashless system.
That where we are headed. Wonder when will this be announced in South Africa.
Incompetence and corruption.
Nigeria slowly becoming like Zimbabwe.
Nigeria can not and will never be we just want a change
@@wondersvideos2758 well they have the same symptoms maybe or just maybe they emanate from different diseases
@@wondersvideos2758 it’s too late ⏰
Nigeria's population is set to reach 400 million!! by the year 2050 according to the UN
Who’s here after the helicopter crash before the Super Bowl with Nigerian 🇳🇬 banker?
This report is riddled with false informations. BBC Africa can do better.
Everything said in this video is true Dear. Except you're not living in Nigeria. Stop defending mediocre policies.
Is there anything positive about this channe,l BBC about Aficka???
central bank digital currencies Enslave
This sounds very similar to India's demonetization (Nov-2016). A harebrained idea to counter black money that set the economy back by two entire quarters.
Exactly. Some Nigerians who are supporting this move don't know the negative impact this could have for the economy in the long run. Buhari has been nothing but a curse to the Nigerian state. A parting gift for the country eh?
When Ghana Introduced the New Ghana Cedi, It was made to run concurrently for six month with the old, allowing an easy phasing off, no issues occured at all,
The scarcity is artificial. Election is coming up on the 25th. Politicians stockpiled the old naira notes in hundreds of billions to buy the votes of poor, uneducated , uninformed rural voters. President Buhari changed the currency to forestall this and gave a deadline that makes the old notes saved by politicians in their homes effectively useless. That is why the deadline is sudden.
Now to the scarcity of new notes. Enough notes were printed for day-to-day transactions of ordinary Nigerians. But the politicians, some of whom are connected to the commercial banks, have been mopping up the new notes from the banks in hundreds of millions, with a view to still buying votes during the election on the 25th. The corrupt officials of the commercial banks and the politicians are responsible for the scarcity. They want the government to print more money , but the CBN is not having that. I only fault the government’s inability to deal with corrupt commercial banks.
Most Nigerians understand the motive behind this policy and understand that the saboteurs are responsible for this artificial hardship. Everything will be alright after the election on the 25th.
I hear that it’s bad. People are dying. These leaders sleep sound at night should be ashamed. People who expect flawless work from everyone else, need to start looking at their flaws more often. This is the result and they had plenty of time to make sure it would work smoothly. I’d be embarrassed if i were them.
The banks are hoarding cash oo. They are the agents of the current problem, not the Policy at all. They are the reason POS Cashback business sustained in the first place, which is a contributor to inflation. Nigeria's problem is more of the people than the Govt. Change can only happen when the people are READY for it. If the cash is to be fairly regulated, it would actually go round. Just a reduction in the circulating cash. But greed is the order of the day. Even our beloved Obi can't do much with a people who are obviously not ready for the change. GEJ's time was a clear case.
If the corrupt practices dances in your favour, you keep calm and protect it, to other's detriment. Rather than condemn and work against it.
This is why terrorism has thrived here with us.
How everyone is mute on the main person that caused the naira shortage but continue to poke the person that has no power over CBN governor, Yes, I expected the same yardstick and bashing for CBN. The people have refused to call out their cousins and friends working in the banks. The same bank staff disabled ATM in all banks but they sell new notes to POS operators, or where are they getting cash?
The greedy staff and POS operators are milking the system and continue to call the country a failed state while they are part of the problem. They forget that the masses are suffering just like them and instead of helping them they exploit the poor. If they can misuse their power/authority as bank staff to exploit Nigerians, just imagine what they would do if they are the FG they rain curses on. Nigerians are Nigeria's problem.
1:40 Yep, the CBN Chief, Emefiele, thought it wise to roll out a currency redesign policy right before the elections despite IMF and several others warnings that it was ill timed and ill conceived. Yet he claimed it was a strategy of curbing vote buying by politicians, only to end up cutting the nose to spite the face with the poor masses worse off as a result. Would definitely go down as one of the worst administration! Abysmal!
Lool 200m plus country right yet soo backwards
The nerves of this shameless suffering and smiling, dead economy, outrageous inflation now at 70 if not 80 % coupled with ridiculous debt to GDP ratio for a small extremely underdeveloped, piss poor, country like ghana” with small letter g”, banku docile, timid, villager ghanaian kwame stooge referring to his benefactor as backwards is comical to say the least!..IMF run” own country “ghana bush baby!!..Oloshi jatijati!
My heart goes out to Tinubu, this shortage has sabotaged his winning strategy 😢
Buhari and the north rent seekers planned it. That serves him and his group right.
People like yourself destroying Nigeria calling heavily corrupt Tinubu to rule Nigeria
@@onelove6971 Since you decided to bring up the topic and probably portray a lopsided account of events, then we might as well call out everyone: The BBC, I believe, in conjunction with MSN recently published a report on 20 January 2023 titled: _The allegations against Nigeria's election contenders_ , highlighting the allegations levied against all three (3) of the major contestants at this year's Nigerian election. And yes, it includes Peter Obi and Atiku Abubakar, not just Bola Tinubu. And no, it is *NOT* just only about the resurrected Pandora's papers saga, there's more, so you might want to take a look yourself. So, if we are going to tell the *truth* , then we might as well tell the *whole truth* , and *nothing but the truth* for the neutrals to make up their minds.
@@beebee_0136 I don’t support any of them. We need fresh faces of competence and anti corrupt leaders. Nigeria can never survive at this rate
@@onelove6971 fair enough
If Nigeria was an European nation, the nation would have been divided into 5 countries. Nigeria cannot survive for long because the people there are too different and don’t trust themselves.
Don't worry, the Chinese will save Nigeria.
Praying for Nigeria 🙏
Ayyyyyi Nigerian's I thought you are giant of AFRICA
Giant of lies that's what they are
Yess it is Giant in Poverty and corruption.
Hoarding of cash? We call this savings!
Vote Peter Obi
In Kenya we are used to mobile money which is swift and efficient, we prefer cashless transactions
Does the mobile money system use data / internet, or is it powered by the Telecoms networks?
@@mazwideamahle4091 "Tap and Go" ... Is that powered by data / internet access, or is it simply through the mobile telecoms providers' networks?
Wait till they start controlling how you spend your money and let's see if Kenya still "prefers" it.
Nice explainer
Was thinking, that if you made the suggestion that many people withdraw large amounts of cash, in a symbolic gesture/protest at being pushed in to going cashless. Stand together (obviously, not All of their cash) that the banks would have less of our money to invest without our permission.
Cashless can not and will not work in Nigeria, we don't have the infrastructure in place and only about 20 million Nigerians have a bank acc, this is.just madness and putting people into poverty, many have died due to no cash, how can a bank decide how much to give you daily, it is sheer madness.
I hate this. IMO this is happening because both the Banks and the government did not make reasonable assumptions around spend behaviour and giving its citizens ample time to make the transition. Plus you have to stick to a deadline with our people. To say this won’t affect the elections is absurd. Come on Nigeria, do better.
sound levels too low on this video. poor audio, and no Closed Captions available. Horrible
Africans can get rich in Israel, Kazakhstan, Uzbekistan, Azerbaijan, China, Italy, France, Great Britain, Poland.
I haven't touched a bank note in 2 months. It was almost a year before that. Living in a border town, I have to know when to have euros or pounds depending on where i am during the week which changes a lot...ain't nobody got time for that.
How do you buy and sell stuff then? Do you barter or are you using electronic payments?
@@thedarkenigma3834 Yes, electronic payment. I haven't seen dollar bills in years too. We really don't spend paper money abroad like that. There are numerous methods of e-payment. But paper money is still a legal tender though.
@@TaiwoOrogbangba And how? Is it with payment cards, cryptocurrency, phone credits?
No reliable electricity, uneducated population, get with that.
Okay we are talking about niara. That is the currency in Nigeria. They have a different culture, infrastructure, and various levels of technical literacy across the country which makes it difficult to force the whole country into a cashless state. If you watched the video 40 percent of the people don’t even have bank accounts.
Naija is one big village for real😂😂
Lol you dumb if you think so
Not really, don't misunderstand the situation. I have been making transactions for years now without going to the bank, so are millions of Nigerians
Her makeup time is longer than the entire report.
They should go cashless. Let them embrace mobile money transactions like the KENYAN M-PESA
🙏
Let people have their cash and get rid of this CBDC shit.
Stop keeping your money in banks! Save at home for your daily needs!
But that money would be useless now as things stand.
@@IronLadyAmber Not for our mother how are straggling on the corners streets seeling small things and couldn't afford a mobile phone 🙆🏿♂
😮
Daposit Name UDENWANI EZEOKE $700,000,000 Bank approved
This is a very poor report/analysis on the situation on ground
The report also does not mention that the Supreme Court has set orders and hearing dates that the Federal Government is flouting. This report is deficient and not the whole story.
I love when the BBC mentions Africa. 🤣
Please someone should help this get to the right authority!!!!
While traveling back from Onitsha to Enugu. There was this dead man after Onitsha south(after MCC) , anambra state govt should help bury him properly.
Those that were strong enough to look said his body was already rising and has been there for days.
The dead man was said to be a hawker hit by a trailer.
Scrap the new notes then
Don't worry, Nigerians will switch to electronic payments
Unreliable phone networks, unreliable banking networks, no reliable electricity supply to charge electronic devices, and fuel shortage even if you want to use generators z and no cash to buy fuel even when you can find it....
I switched to buying food on credit, and then spending a cummulative 2 hours over the next day until I got lucky enough to successfully pay my debts through the nonsense nonfunctional banking app
Don't you need 24/7 electricity first?
Usually there's a lot of vote buying in elections in Nigeria. I wonder if there's a scandal to reserve the available money for a particular party so other parties can't buy votes as easily. It's not legal obvs but it's Nigeria, birthing democracy is a messy affair.
Praying for Nigeria for next election.
Your right vote will.impact Africa as a whole
Pray all you like... whomever win the election will still be a puppet for Europeans.
@@amehka5416 yh that's a fact but at least someone needs to do the work. Current state of Nigeria for the average citizen is beyond appalling. Majority of the problem is just greedy individuals
Another part of Africa fooling🙄🙄🙄
Blame the USA
🙆🏾♀🤦🏾♀
The protest is politically stage-managed.
Nigerian problems are always unique
Hmmm 🤔 Nigeria 🇳🇬
Why did bbc always report about bad news in Africa especially Nigeria
Yes, we want this country to be OK not in corruption 😭😭
mpesa
The government made a wrong move. This should have been done long ago!
The government knows what they are doing bcos of vote buying and secondly the government rolled out money but many banks are selling the money out to politicians and big business men in the country, Bcos 75 percent of Nigeria can't don't have 500,000 in their acct. So the bad and criminal politicians are trying make the FG policy looks useless bcos they want to rig the election and also be able to buy Nigerians vote for their favor.
For we Nigerians love it and it’s best option for this election 🗳 to avoid vote buying
The report also does not mention that the Supreme Court has set orders and hearing dates that the Federal Government is flouting. This report is deficient and not the whole story.
@@NousPoetikos The Supreme court is trash. They have no case against CBN and the federal government. CBN gave 3 months and an additional 10 days for the old money to be deposited. What the 3 APC governors are doing will fail and it has failed already. Go and read the CBN act, Supreme Court has no jurisdiction to stop CBN. They can only sue the CBN governor for misconduct but can't stop the monetary policy
This is a one sided reportage.
BBC should do proper fact checks before coming on air.
The protest are not by the citizens its politically motivated not the citizens. We like the new policy and we are seeing the good effects. Yes we feel it but this videos are not by every day Nigerians but political thugs. Alot of people are now doing transfers and online transactions about 85% jump in online transactions. We like this new policy let us fix the country's economy problems.
So people in the rural areas are doing online transactions too? Even in areas with no network coverage? You think it's rational to force them do those transactions of 50-1000 naira worth online? Some of you are just unbelievable
@@chimereh.achilefu9176 yes I understand they are affected but the all this will end after the elections. It's temporary and vote buying is an urgent matter with a time frame which needs to be fixed. We all will benefit from a good president. this election will prove the voting power of northern and southern Nigeria, vote buying vs real voters.
@@chimereh.achilefu9176 no this is a lie. people are now angry they will not collect your money. They know the real solution is to vote wisely. No matter the hungry now it's better than what is waiting for them if they sell their votes. We'll see the outcome. Maybe the politicians can buy 51% of all the angry voters. We shall see, that money they think will save them has created a slippery slope. People mumu have ended. The only problem are the uneducated ones brainwashed by politicians.
compare nigeria to el savador
What does a country in Central America have to do with West Africa?
Watching my illiterate bor an sister from America
I think this is a good sign that things will be better in Nigeria. Cashless system is the best ! Nigerians should learn to be Patience in things and not always on high speed ! Soon, everything with fall in place !
How can we be patient when we can't even buy food in rural areas. Market people don't have POS so only accept cash. So what do we do now. I've not eaten for 2 days.
Cashless system is something everyone should be skeptical about. First there is not enough network
Second if all were online transactions, it can be controlled drastically.
People asking Nigerians to be patient over this foolish policy implementation don’t reside in Nigeria. It’s easier to criticise when you not the one facing the trial. Note, I didn’t criticise the policy but it’s implementation. A policy implementation that wrecks so much carnage does the policy a great disservice. Buhari is way over his head, not fit to be a local government council.
It is easy to say for millions to be patient when parents and old market women can not get their money from the bank to feed their children.
What will happen to the PRINCES?
It’s best option for this coming election and to avoid buying......let it be free and fair elections
And we have to starve to avoid vote buying? I never chop for 2 days. Those of us in rural areas are suffering. No supermarket for perishables, we have to go to illiterate market seller wen nor dey do transfer or use POS.
... but people who are given bribes for their votes can still collect the monies and vote for someone else ... thereby making the corrupt politicians to not get what the bribes were intended for. But I understand that hunger and lack can make people do unreasonable things.
This CIA network should be kicked out of Africa.. Shame she can't even tell the truth behind the new note..
Naija should embrace a cashless system like Kenya. We rarely use Cash
I suppose Naija will embrace the chip underneath the skin next?
🤣🤣🤣🤣🤣
🎵🎼"I'm proud to be an American, where at least I know I'm free and I have access to important things especially my money!" 🎵🎼
Not for long. CBDC'S are starting in America soon.
👏👏👏👏🎉
Nigeria should learn from Ghana how they did it peacefully...
Learn what from Ghana exactly? Ghana has'nt gone to cashless policy.
You talking thrash bro.
Exactly, in fact Nigeria should always take Ghana as an example
@MOYOOY, Nigeria is not Ghana, so we should not do things in the same way.
@@neptune1525 , is Ghana cash less? Is Ghana's inflation under control? Nigeria is trying to go cashless and control inflation. Ghana's economy is about to collapse due to economic mismanagement. Do you mean Nigeria should learn how to mismanage an economy from Ghana?