Despite the Supreme Court ruling that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023, bank customers have lamented the persistent scarcity of cash and the increase of suffering of the masses. The cash crunch is also exhausting in most parts of Gwagwalada as bank customers are left stranded, most standing outside under the sun.
A bank customer, Mr Bala Dala said the new naira note is scare and limited in circulation. A large number of people are unable to get access to their money, because most of the automated teller machines (ATMs) are not loaded and little or no cash is dispensed over the counter in the banking halls. This is so frustrating! Another customer complained that If they eventually find any ATM dispensing the new or old Naira note, only N5,000 per debit card, even regardless of this inadequacies constant charges hit individual accounts.
Another customer, Wahab Adeleke, when interviewed talked about his business that have been shutdown because he can’t buy anything from the market or do any transactions, people are sleeping in front of banks, people are dying in the hospital and market people crying over the naira scarcity.
In the midst of the operational challenges being faced by small businesses especially the Point of Sale (pos) transactions, charges have jumped to amounts that have made most people unable to withdraw money from this means again.
Ms. Nkechi, POS attendant noted that it is difficult to get cash from the bank and if you eventually get any amount, you must have bought cash from the manager. This is the reason for the hike in price because how will you buy cash and then collect charges from customers at the normal price. Another way we get cash instead of using banks is if an individual brings cash and sell to us. An example is if they bring N10,000 they could sell at 2 N2,000.
“Currently, there is no cash anywhere and the only way we can do business is to transfer to peoples account or do other cashless transactions using the POS. Some of my (PoS) business colleagues have stopped working because they can’t afford to be buying cash at these outrageous amounts again. I personally have stopped buying cash, I can only make transfers for customers. “Nigeria is something else now with our corrupt leaders, we just pray for a better Nigeria after the elections” she said.
