Naira swap crisis: UK raises alarm, tells citizens what to do
The United Kingdom (UK) has warned its citizens resident in Nigeria to avoid banks and ATM areas following violent protests in parts the country over scarcity of newly introduced currency notes.
Economic activities in many states have been paralysed by the protests over the cash crisis resulting from the Central Bank of Nigeria’ (CBN) currency redesign policy; just as atlrast seven have been killed while many others sustained varying degrees of injuries.
The UK government handed the warning in an updated travel advisory to its citizens in Nigeria published on its website.
Similarly, UK citizens travelling to Nigeria were.advised to be vigilant over the heightened state of insecurity in the country.
The advisory read, “Nigeria is mainly a cash economy although the use of credit and debit cards is increasing – especially in the big cities. If you intend to use cash, make sure you bring enough foreign currency to cover costs. It is illegal to change money on the street and travellers cheques are difficult to cash. Credit card fraud is common, so take care if using your card.
“You should take advice from your card issuer before travelling if you intend to use your credit or debit card in Nigeria.
“The CBN has directed the redesign and issue of new N200, N500 and N1’000 Naira notes. This has led to shortages of cash, which are likely to persist for a period. You are encouraged to check notes provided by currency exchange vendors will be valid for the duration of your travel to Nigeria, and to follow local CBN guidelines.
“Areas such as banks and ATMs have seen a spike in criminal activity, and as such, it is advised that you take extra precautions particularly when withdrawing cash in crowded spaces, and during night time hours.
“There have been outbreaks of violence in South West Nigeria as a result of cash shortages, and there is a risk of other urban areas being impacted across the country. We advise travellers in Nigeria to exercise their judgement, including being aware of any large crowds or potential disturbances.”
