On Friday, what started as a peaceful protest against naira scarcity turned violent as hoodlums hijacked the demonstration to rob residents and business owners in Port Harcourt, the Rivers State capital.
The incident highlights the dangerous consequences of scarcity in a society where the disparity between the haves and have-nots is vast, News About Nigeria reports.
The scarcity of the new naira notes has been a major problem in Nigeria, particularly in the southern region, where the government has been slow to provide sufficient supplies of the new currency. The old notes are no longer being accepted by banks and businesses, leading to confusion and frustration among traders and the public.
As a result, people have been forced to rely on informal channels to obtain the new currency, which has created an environment of desperation and vulnerability.
The incident in Port Harcourt highlights the complex web of issues that scarcity creates. Scarcity is not simply a matter of supply and demand; it is also a social issue that affects people’s livelihoods and well-being. When resources are scarce, people are more likely to resort to desperate measures to survive, and this can create a vicious cycle of crime and poverty.
The situation in Nigeria is particularly acute because of the vast inequality that exists in the country. The wealth gap between the rich and poor is significant, and this creates a breeding ground for crime and social unrest. The scarcity of the new naira notes has only exacerbated this problem.
The government needs to take immediate action to address the issue of naira scarcity. It is not enough to simply provide more notes; the government must also work to address the underlying social and economic issues that are fueling the problem.
This will require a multifaceted approach that includes improving access to education and job opportunities, promoting economic growth, and addressing corruption. Without a comprehensive strategy to address these issues, the problem of naira scarcity will continue to create instability and fuel crime in Nigeria.