Agony, Anguish Deepen As Naira scarcity Hit Nigerians

Balikis Busari

Agony and anguish have continued to hit Nigerians despite the statement made by the Governor of the Central Bank of Nigeria (CBN) , Godwin Emefiele on Tuesday that the old Naira notes of 200, 500 and 1,000 will still be redeemed even after they have ceased to be legal tender by February 10 deadline.

The apex bank governor, who spoke to the House of Representatives ad hoc committee on cashless policy, said the redemption was in tandem with the law, precisely Section 20 (3) of the CBN act, noting the essence was to mop up the old notes in circulation.

The scarcity of the new naira notes has worsened, which has caused agony and anxiety for Nigerians as they were unable to get cash from banks in many parts of the country while the point Of sales operators (POS) were unable to get cash for their transactions.

According to him, Banks are to blame for the scarcity of new naira notes, as some of them have not complied with a directive to only load the new notes on Automatic Teller Machines (ATMs). Instead, the banks have been handing out bundles to individuals who spray them at parties.

CBN recently reported that over N3 trillion on old naira notes was in circulation but had mopped up over N1.9 trillion so far.

Also, the Department of State Services ( DSS) has arrested some members of organised syndicates involved in the sale of the newly redesigned naira notes.

The DSS public relations officer, Peter Afunanya, said in a statement that the syndicates connived with some commercial bank officials and were arrested during the secret police’s operation across the country.

Both buyers and sellers, especially, market women were stranded as some of them were still finding it difficult to agree on cash transfers.

Even the pos operators did not give out cash to customers as many of them did not have the old note not to talk of new naira note.

Due to this, some of them that have access to cash are changing at a high rate, saying that they also went to the source for the little cash they have with them.

Some bankers told our correspondents that they had been directed, and were being closely monitored, to ensure that no old naira note that got to the bank goes out again.

They also lamented that they were yet to get an adequate supply of the new naira notes to meet up with the increasing demands of their customers.

The scarcity of the Naira has caused uproar in the country most especially in Lagos State, whereby citizens were unable to transfer or withdraw cash.

Citizens expressed their frustration towards the scarcity of the Naira which has led to suffering.

Wasiu Abdullah said, “ATMs are no longer paying, and new notes are very scarce, yet the 10th of February is the deadline. You are all making Nigerians suffer for nothing.

According to Janet Paul, ” It’s so annoying when you are hungry, and you get to ATM to withdraw, it’s not dispensing, and later went to POS and they are also saying they don’t have cash, I hope we don’t starve to death.

Sunday John: I hope this doesn’t lead to National chaos, both the old and new currencies aren’t available again, how do you think we can cope with this, Nigeria should find solutions to this occurrence.

Emmanuel Mathew stated, we are facing hell with this CBN directive, New notes are not available, and we are asked to deposit our old currency, how do we want to survive? With the old notes deposited at the bank and new notes not available to spend.

The situation is threatening everyone because survival has now become a big problem for people.

However, Nigerians, therefore, urge the government to come to their aid over the scarcity of Naira.