Naira scarcity: UK cautions citizens over ‘spike in criminal activity’ at banks, ATMs new naira notes

From Abubakar Y Ojimaojo ABUJA

The United Kingdom Foreign, Commonwealth and Development Office (FCDO) has updated its money advisory on the naira scarcity in Nigeria.

In the update, posted on its website, the UK FCDO advised its citizens in Nigeria to take precautions when visiting banks and automated teller machines (ATMs) in the country, as there have been a “spike in criminal activities” in such places.

“Nigeria is mainly a cash economy, although the use of credit and debit cards is increasing – especially in the big cities,” the update reads.

“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 Central Bank of Nigeria

(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 southwest Nigeria as a result of cash shortages, and there is a risk of other urban areas being impacted across the country.”

Therefore, the UK government further urged travellers in Nigeria to “exercise their judgement, including being aware of any large crowds or potential disturbances”.

The advisory comes amid protests and vandalisation of financial institutions across states over the scarcity of new naira notes.

David Malpass to resign as World Bank president in June

David Malpass, president of World Bank Group, has announced his intentions to step down from his position — after more than four years of service.

The global bank, in a statement on Wednesday, said Malpass declared his intentions to exit the organisation on June 30 to the board of executive directors.

According to the World Bank, Malpass’s tenure focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.

It added that during his tenure, Malpass coordinated and responded quickly to global crises, mobilising a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, among other crises.

“Under his leadership, the bank group more than doubled its climate finance to developing countries, reaching a record $32 billion last year,” the statement reads.

“Malpass led efforts to enable and increase private sector investment and trade and contributed thought leadership to the bank group’s analytical products on fiscal and monetary policy, currency systems, and governance reform.

“Malpass also strengthened the institution’s management and personnel and will leave the bank group with solidified finances and fundraising to support its AAA credit rating.”

In the statement, Malpass said he was honoured to serve as president of the world’s premier development institution “alongside so many talented and exceptional people”.

“With developing countries facing unprecedented crisis, I’m proud that the bank group has responded with speed, scale, innovation, and impact,” he said.

“The last four years have been some of the most meaningful of my career. Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges.

“The bank group is fundamentally strong, financially sustainable, and well-positioned to increase its development impact in the face of urgent global crises.”