Cash scarcity in Naija, are you feeling the pain as I do?

in Speak Peacelast year

It's been a few months since the central bank of Nigeria (CBN) announced its plans to redesign Nigeria's higher denomination currency, and it has been nothing short of madness ever since. The CBN told us to return all our higher currency old notes and replace them with new ones, but what they didn't tell us was that the new notes would be scarce.

The result is queues, queues, and more queues. People have been queuing to get their hands on cash ever since they announced that the new notes are now available for cash out at the banks. And if you think that's bad enough, it gets worse each passing day. People even scaled fences to get into banks and deposit their old notes. It's a mad society we live in!

After returning the old notes, the people are left with no cash for their daily needs. Businesses are suffering, and people are struggling to make ends meet. It's a difficult time for everyone in Nigeria right now.

The new notes were not in circulation, and only a few banks have the cash to dispense, you can guess what that means: more queues! People have to queue all day long just to get their hands on a few bucks. Due to the scarcity, the amount per withdrawal was also reduced, and in such a situation you are only allowed to make one withdrawal. Any attempt to try to do it twice would result in a fight or being molested by other people waiting behind.

It's really sad to see people suffer like this, all because of the CBN currency redesign. We were told to return our old notes and replace them with new ones, but we weren't told that the new notes wouldn't be available for circulation. We were promised a better economy, but instead, we are left with cash scarcity and hardship.

The condition was worse in the rural areas where they don't have banking facilities. I heard of a case of an elderly woman who came to the city with her ATM card, to withdraw only five thousand Naira she had. The money her entire life depends on. She nearly collapse in the queue, and to make matter worse, she didn't even have cash with her to pay for transport back home. Her case was so pathetic. People have to sacrifice the little cash that they have with them to help pay for her transport back home.

There were several reports of people coming to the bank with sleeping mattresses and cooking materials. Such people decided not to return home until they were able to get their hands on some cash. They cooked, eat, and slept on the banking premises. The bank's security personnel has nothing to do with them. You cannot tell a hungry man not to be angry.

In some places where the bank's security personnel tried to force people out of their bank premises, the results were rioting and the destruction of ATMs in those banks. Some banks were set ablaze by angry youths. Such was the height of the effects of cash scarcity in Nigeria.

And, as if that wasn't enough, the CBN has now asked us to queue up again to withdraw our old notes. We have to scale fences and queue up for hours just to get our hands on the old notes, which we were told to return in the first place. It's a mad society indeed!

I went to the bank the other day to try my luck in getting some cash for my family's needs. After queuing under the sun for more than 8 hours, I was only able to lay my hands on Ten thousand Naira. That amount of money cannot meet my family's needs for two days, but we have to find a way to manage it for two weeks.

Sometimes, I have to go to find a place where I can do a cashless transaction, but there are very few places you can do that, and they are not for essential needs like foodstuff. If you should decide to make a withdrawal with your ATM from a POS operator, you will regret ever trying that if you even get some cash from them. The fee they charge will make you share tears.

Nonetheless, there are some positive effects of Naira scarcity. The situation has taught everyone what it means to be contented living with little resources. People are now more conscious of their spending and have become more creative in finding ways to make ends meet.

Another positive aspect of the situation is the way it brings everyone to the same level. There's no rich man this time, we are all poor and struggling together. We queue together under the sun, scale fences together, and also, we both have not enough cash to buy essential needs. What a way to be made equal in a society ruled by mad people!

The lead image and the attached picture are mine.

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