Naira crisis: Over 24 million Nigerians at risk of facing severe hardship

A report by Cadre Harmonise, CH has revealed that about 28.4 million Nigerians in 26 states and the Federal Capital Territory, FCT may face acute food challenges as naira scarcity, fuel scarcity and insurgency bites harder.

The CH report which covers March 2023 picked data from Abia, Adamawa, Bauchi, Benue, Borno, Cross-River, Edo, Enugu, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Plateau, Rivers, Sokoto, Taraba, Yobe, and Zamfara, and the Federal Capital Territory (FCT).

Cadre Harmonise is an international tool used by renowned international organisations like ECOWAS, United Nations agencies (FAO, WFP and UNICEF), and non-governmental organizations (ACF, Save the Children, Oxfam) to measure analyses of current and projected food and nutrition situations.

The report which covered 26 states of Nigeria and the capital, Abuja, indicated that the crisis will also affect about 18,000 Internally Displaced Persons, IDPs between June and August 2023.

The CH report also noted the devastating effect of the Central Bank Of Nigeria, CBN’s naira redesign project which was seen as one of the key drivers of the crisis in Nigeria. The report added that the development led to so many households facing hunger and want due to their inability to access cash and food commodities.

Apart from the cash crunch and scarcity of Premium Motor Spirit, PMS, the report also highlighted the ugly effects of insurgency in some northern states.

The report reads in part, “Insecurity, especially insurgency in the North East states particularly in Borno, Adamawa and Yobe States still persists; armed banditry and kidnapping for money ransom in some NW states such as Katsina, Sokoto and Kaduna state as well as North Central states of Benue and Niger which have also lingered.”

“There is armed banditry and kidnapping for ransom in some North-West states such as Katsina, Sokoto and Kaduna, as well as North-Central states of Benue and Niger, which have also lingered,” the CH report stated.

The CH report, however, made some recommendations to the Nigerian government which includes finding holistic and sustainable life-saving intervention on food assistance and unconditional cash transfers to communities affected by these aforementioned issues.