Consumers On Panic Buying Spree Ahead Of General Elections

Ahead of the general elections, consumers are embarking on panic buying sprees at shopping malls and merchandising stores over fears of possible unrest if the general elections spiral out of control and disrupt household needs and basic essentials.

Despite the declining purchasing power and rising inflation occasioned by the Naira redesign policy and slow circulation of the new Naira notes, consumers have flooded major supermarkets, merchandising stores and quick service restaurants to stock up basic essentials and food items ahead of the elections which kick off this weekend.

The recent reports revealed that, night shoppers were seen in large numbers making what appeared to be their last-minute purchase before the election. Most of them had their trollies filled to the brim.

While standing in long queues, some of the consumers sighed in despair, while others held discussions which were centred around the current state of the nations economy.

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Checks by LEADERSHIP revealed that many consumers still encountered troubles with payments via both transfers and ATM cards due to the poor digital banking platforms and dispense errors at the point of sales machine.

One of the shoppers who spoke on the condition of anonymity said, shopping in supermarkets was the only option available to them since there is cash crunch and cash scarcity.

“I don’t have any cash right now. I have been trying all day to get cash. Some PoS operators were giving the old naira notes. I refused to collect it. It is sad that one can’t buy anything elsewhere without cash. Most vendors out there insist on cash payments in new Naira notes. It’s sad,” he stressed.

Another company executive, Olawale Adigun and one of the shoppers explained that, the idea of the panic buying was necessitated by the general election which many perceived to be a precarious state or could lead to emergency riots where shops, banks and stores could be closed down for long.

Another shopper, a lady who preferred to be anonymous said: “You people should tell Buhari that we are suffering. People are hungry and angry. See how the people were rioting; if the situation persists.

help. This is too much!”.

Recall that on Monday, major areas in Lagos were reported to have witnessed some level of calm as the APC presidential candidate led his final campaign team in Lagos. Many persons who are purportedly aggrieved by the latest monetary policy on naira redesign have sought out ways to lessen their burdens by sourcing for available cash to stock their homes with food items and drugs.

This is even as another shopper, Mr. Akinfenwa Joseph said the Buhari government has plunged the country further into economic woes such that Nigerians are suffering and can’t afford basic infrastructure and to further aggravate this, the government also implemented the currency redesign policy to hurt businesses, disposable income and SMEs.

He said many of the roadside sellers who don’t have banks are finding it difficult to sell their goods while hinting that most of their perishable goods have rotten away due to low patronage and absence of cash to make purchase.

Recall that protesters in Edo and Delta states had, in a fit of rage over cash scarcity, destroyed Automated Teller Machines, and outrightly set some banks on fire.

This development also got thousands of commuters stranded following transport workers’ rejection of the old naira notes.