The World Bank Country Office in Nigeria has warned that the incessant fuel scarcity and the inability of Nigerians to access the new naira notes were threats to the February 25 and March 10 elections in the country.
The bank said the deadline for old notes will also affect the social and economic life of the vulnerable people in the country.
According to a document released by the World Bank on its website, it said the citizens were becoming increasingly overstretched as many could not access their hard-earned money to feed their families.
The document said “the shortage of cash compounds fuel shortages, which have been ongoing for months. There is a clear risk that cash shortages cause hardship and frustration, which could escalate social tensions, especially in a febrile political environment ahead of elections on February 25 (presidential and parliamentary) and March 11 (gubernatorial).
It said 45 per cent of Nigerian adults had a bank account, 34 per cent pay or receive money digitally over the past year, while nine per cent made an in-store payment by digital means.
The World Bank postulated that Nigeria would not attain a quick increase in digital payment to enhance the shortages of new notes across the country within the stipulated deadline.
