NAIRA CRUNCH: UK cautions citizens over ‘spike in criminal activity’ at banks, ATMs

The Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom has issued a security advisory to its nationals in Nigeria regarding the dearth of Naira notes across the country.

The UK FCDO warned its citizens in Nigeria to exercise caution when visiting banks and automated teller machines (ATMs) in the nation since there has been an “increase in criminal activities” in these establishments, according to a statement posted on its website, on Thursday.

“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.

Read also:Buhari says CBN naira redesign policy has reduced influence of money in politics

“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,” the advisory reads.

The warning comes as protesters and financial facilities across states are being vandalized due to a lack of fresh naira notes.

President Muhammadu Buhari stated that the old N500 and N1,000 notes are no longer legal tender in a national broadcast earlier today.

The old N200 note, however, will continue to be accepted as legal tender until April 10 at which point it will expire.

Buhari gave the directions in defiance of a judgement in a lawsuit brought by certain states challenging the federal government’s naira redesign strategy, in which the Supreme Court banned it from limiting the usage of the old naira notes until the matter was resolved.

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