Nigerians are still struggling to access their money, either in cash or via online platforms, and it appears there is no end in sight.
Many have expressed frustration and anger as they spend hours in long queues without being able to withdraw cash via Automated Teller Machines (ATMs).
Nkechi Nnodim, a hospitality professional, is one of many Nigerians that has been severely impacted by the scarcity of the naira.
‘These recent happenings relating to cash [naira] swap is alarming. We now use our money to buy our own money’, she told Development Diaries while narrating her ordeals.
‘The government said they are doing this for our good but it’s a big lie because they are doing it to their own advantage’.
The CBN, on one hand, is faulting the commercial banks for hoarding cash, while commercial banks, on the other hand, are saying they are not getting enough cash to go around.
Meanwhile, citizens, unfortunately, are stuck in the middle.
An exasperated media professional in Lagos, Blessing Gochi, while narrating her ordeal in the bank to Development Diaries, expressed frustration for not being able to get the amount of cash she wanted.
‘Today, I went to the bank, and there was a long queue outside. As if that’s not enough they said it was just 2k [N2,000] that they could give’, she lamented.
‘After waiting under the sun for two hours, it finally got to my turn, then guess what? The cashier slid a paper to me having his number and said I can call him later to give me cash then I will transfer it to him. Naija my country’!
A teacher, Praise Chizorom, told Development Diaries how the scarcity of cash at Point of Sale (POS) outlets and ATMs around her vicinity has frustrated her plans.
‘I have gone round my area in search of POS agents with cash, to no avail. I finally got to an ATM and it was dispensing a maximum of 5,000 naira. No more, no less’, she lamented.
‘After waiting in the long queue for hours, I ended up being unable to still withdraw because the machine stopped dispensing at some point’.
This Twitter user, @sheilbela, lamented being paid N1,000 in N50 notes after standing for three hours in a queue to get cash.
After waiting for 2 hours under the sun, e reach my turn na 1k @gtbank dem pay me for counter and na for 50 naira notes! Which way 9ja?! 😩😩 pic.twitter.com/QGvx5iA3rJ
— Blessing Amadi (@sheilbela) February 7, 2023
Failure of electronic transactions
This hardship will be a lot more bearable if electronic transactions were seamless and void of network challenges, but this is not the case.
A Lagos-based entrepreneur, who spoke to Development Diaries, complained bitterly about how her bank apps have failed her.
‘I woke up at 3:00am this morning trying to transfer the remaining cash in my account to my digital wallet, all to no avail’, she narrated in frustration.
‘And the annoying thing is my bank has been debiting me for all their stupid charges’.
This food vendor on Twitter, @foxzyhopeznativekitchen, narrated how dysfunctional bank apps have affected her business over the past weeks.
I’ve been Cash trapped and cash stranded for two weeks now.
I haven’t been able to access my account neither can I receive into the account..
My clients have not been able to transfer to pay for their food orders.😫— foxzyhopeznativekitchen (@foxzyhopez) February 4, 2023
POS operators shutting down
Recent reports have revealed that over 50 percent of POS operators have closed their shops over the scarcity of new and old naira notes.
If this is the case, that means the policy meant to swap cash in unbanked areas might not achieve its mandate because of the unavailability of agents.
Necessary actions
Old and new N200, N500 and N1,000 notes should remain legal tender for a longer period.
The CBN should work closely with security agencies to arrest bank officials that are hoarding the new notes and mete severe sanctions on culpable banks.
Photo source: The Guardian
