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, World Bank Country Office in Nigeria has said.
The World Bank asserted that the deadline for old notes will socially and economically affect vulnerable people in the country, according to a document on its website.
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 that 45 per cent of Nigerian adults have bank accounts, 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 that Nigeria would not be able to attain an increase in digital payment to enhance the shortages of new notes across the country within the stipulated deadline.
Experts said the document released by the World Bank should be taken seriously because the citizens are becoming increasingly overstretched as many cannot access their hard-earned money to feed their families.