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Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist

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A Professor of Psychiatry at the Department of Psychiatry, College of Medical Sciences, Ahmadu Bello University Zaria, Kaduna State, Taiwo Sheikh, has warned that the scarcity of the old and new naira notes will push many Nigerians into frustration and depression.

He also said the situation would worsen the cases of suicide in the country if the Federal Government fails to urgently address the problem.

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Prof. Sheikh, who is the immediate past President of the Association of Psychiatry in Nigeria, said the situation if not checked will plunge a lot of Nigerians into mental health crises that will require hospital admission amid a scarcity of manpower and infrastructure.

Speaking in an exclusive interview with PUNCH HealthWise, the psychiatrist lamented that a lot of Nigerians are frustrated and distressed by the naira scarcity.

READ ALSO: Naira Scarcity: Zenith Bank Shuts Down Operation In Branches

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He noted that Nigerians no longer enjoy optimum mental well-being as a result of recent happenings in the country including fuel scarcity.

The don said, “This scarcity of naira has already increased the rate of mental illness in the country. For an adult to strip himself naked in the bank is not normal. It is no longer what you consider to be normal.

“For people to be punching each other, carrying iron to be hitting one another in front of automated teller machines just to be able to get some money is not normal.

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“These are evidence of frustration and when people are frustrated, there is a kind of transferred aggression. When you cannot face what is causing the frustration then you transfer the aggression elsewhere. Most of the time, you transfer it to others. The naira scarcity is generating a lot of frustration.”

Prof. Sheikh reiterated that if the situation is not checked, the country would have more people with mental disorders.

The professor warned, “If this distressing situation and the frustration is not checked, it will lead to mental illnesses that will increase the state of suicide in the country. There is no doubt about that, one thing leads to the other.

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“People will develop depression and anxiety disorder. They will become psychotic, suicidal, and homicidal. People will attack others because of the transfer of aggression, and so many things.

READ ALSO: Riot In Ogun As Angry Youths Protest Naira, Fuel Scarcity

“For those who have mental illnesses already, their situation will worsen.”

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According to the Association of Psychiatrists in Nigeria, more than 60 million Nigerians are suffering from mental illnesses, noting that only about 10 per cent of them can access appropriate care.

Prof. Sheikh clarified that mental well-being is not a mere absence of mental illness but the ability of an individual to cope with the day-to-day challenges of life without hurting another person.

“Now, when we say mental illness and we say optimum mental well-being, there is in-between that illness and mental well-being. That in-between is what we refer to as this period of distress and frustration.

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“So, if you don’t handle such distressed situations very well, they can progress to clearcut mental illness. And if you can handle such a situation of distress adequately, then you can resolve it and then, your optimum well-being comes back. And you can face the challenges of life and move on. Situations like naira scarcity disrupt optimum mental well-being,” he said.

Giving insight into the importance of having optimum mental well-being, Prof. Sheikh said, “Your ability to have your aspiration without hurting another person and pursue it within the expected norms of socio-cultural setting and contribute to the development of your community.

“So, once a distressing situation like this comes in and you have to throw yourself naked in the banking hall, then your ability to cope has broken down. Then you are no longer enjoying optimum mental well-being.

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“It does not mean you are sick at that time, but you are distressed enough not to enjoy optimum mental well-being anymore. If we can address your situation at that time, then you can reverse back to optimum mental well-being. But if we are not able to reverse your situation at that time, then you can go on to develop a frank mental illness that will require treatment and hospitalisation.”

According to him, the current situation in the country has shaken the optimum mental well-being of Nigerians and pushed many people towards distress and frustration.

“It has shaken them of that comfort zone of optimum mental well-being. They have shifted away from that comfort zone. Nigerians longer enjoy optimum mental well-being.

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“So, we are struggling to cope and in our struggle to cope, we start throwing our anger at others and start showing abnormal behaviours.

“If the situation is not properly managed, then a lot of people will end up with mental illnesses that will require treatment.

“We are already on the edge. If it is not checked, then we are going to have more people with mental disorders,” the psychiatrist explained.

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READ ALSO: 50% PoS Operators Close Shops Over Naira Scarcity

Prof. Sheikh urged the government to do things that will bring down the frustration in the land.

He said, “Government should do something very appropriate that will reduce suffering, frustration, and distress that people are going through.

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“Government should make more money available to people to be able to have access to the basic needs of their lives.”
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Naira Appreciates At Official Market

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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

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This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

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On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

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BREAKING: Again, Dangote Refinery Cuts Petrol Price

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The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

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Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

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A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

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Naira Appreciates Against Dollar At Foreign Exchange Market

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The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

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According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

READ ALSO:Naira Depreciates In Parallel Market

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The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

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However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market

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Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

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The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.

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