With under three weeks to go until Nigeria's presidential elections, major shortages of cash and fuel have plunged Africa's most populous country into crisis.
As well as provoking outrage among ordinary people, the shortages threaten to upend the February 25 presidential poll while throwing its organisation into doubt.
"This measure was not carefully planned and led to a cash drop. People are returning their old notes to banks" for which there are not enough new notes to replace them, she said.In a society where the informal economy is vital, and heavily based on cash, the shortage has led to riots, notably in the northern city of Kano."I doubt the Central Bank of Nigeria printed enough notes," said Tunde Ajileye, an analyst with the Nigerian consultancy SBM Intelligence.
The Nigerian government pays part of the cost of petrol at filling stations, allowing people to buy at artificially low prices.With prices soaring as a result of the Russian war in Ukraine, the government has been overwhelmed by the cost of its subsidy system and can no longer pay traders. Nigerians are struggling to"disassociate" the ruling APC from double-digit inflation and the failure to end violence by jihadist, separatist and criminal groups, Ajileye said.
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