2023 Nigerian currency crisis

The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.

Central Bank governor Godwin Emefiele initially cited Nigerians hoarding notes in their homes as the reason for the currency redesign. However, he later claimed that it would deter counterfeiters and those paying kidnappers' ransoms, and that it was a step towards a cashless society. He also argued that it would help reduce inflation. Some analysts and politicians have said that a motive of the CBDC introduction and deprecation of the old currency was to curb vote buying, by thwarting politicians who had amassed a stockpile of naira in preparation for election day.

See also

• 2023 Nigerian elections

References

1. Nigerian naira
2. Eco (currency)
3. United States dollar
4. 2023 Nigerian presidential election
5. Nigerian Civil War
6. Nigeria and the International Monetary Fund
7. Renminbi
8. Nigeria
9. Central bank digital currency
10. Economy of Nigeria
11. Currency union
12. History of Nigeria
13. Israel–Hamas war
14. Complementary currency
15. Cryptocurrency
16. Ukrainian refugee crisis (2022–present)
17. Sri Lankan economic crisis (2019–present)
18. Blockade of Biafra
19. Biafra
20. Islamic State – West Africa Province