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Naira, fuel crises could affect Nigerian elections – World Bank

THE World Bank Country Office in Nigeria has disclosed that the incessant fuel scarcity and the inability of Nigerians to access the new naira notes may influence uncertainty ahead of the February 25 and March 10 elections in the country.

According to a document, the bank pointed out that the deadline for old notes will socially and economically affect vulnerable people in the country.

The document said, “The shortage of cash compounds fuel shortages, which have been ongoing for months. There is a clear risk that cash shortages cause hardship and frustration, which could escalate social tensions, especially in a febrile political environment ahead of elections on February 25 (presidential and parliamentary) and March 11 (gubernatorial).”

The bank further disclosed 45 per cent of Nigerian adults had a bank account, 34 per cent pay or receive money digitally over the past year, while nine per cent made an in-store payment by digital means.

It projected Nigeria would not be able to attain a quick increase in digital payment to enhance the shortages of new notes across the country within the stipulated deadline.

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Naija Times