Resident Lament as Cash Scarcity Hits The Country

Nigeria is in the grip of a severe cash scarcity crisis, with many residents lamenting the lack of available cash. The situation has become so dire that people are struggling to access their money, with many banks and ATMs running out of cash.

The scarcity has been attributed to the Central Bank of Nigeria’s (CBN) policy of replacing old banknotes with new ones. However, the rollout of the new notes has been slow, leaving many without access to cash. The CBN has blamed the scarcity on panic withdrawals of large volumes of cash from various CBN branches by Deposit Money Banks (DMBs).

“As a result of the panic withdrawals, the CBN has been unable to meet the demand for cash,” said a CBN spokesperson. “We apologize for the inconvenience this has caused and are working to address the issue as soon as possible.”

RESIDENTS FEEL THE PINCH

Nigerians are feeling the pinch, with many businesses relying on cash sales being hurt. The scarcity has also led to increased transaction fees through Point-of-Sale operators, with some charging as high as N200 per N5,000 transaction.

“I’ve had to turn away customers because I don’t have enough cash to give them change,” said Mrs. Adebayo, a trader in Lagos. “It’s been a nightmare trying to access my money, and I’m not sure how much longer I can keep my business running like this.”

PROTESTS ERUPT

The situation has become so desperate that people are taking to the streets to protest, with some banks and ATMs being vandalized. The Nigerian government has appealed for calm, but many are frustrated and angry.

“We’re tired of being told to be patient and that the situation will improve soon,” said Mr. Oyedele, a protester in Abuja. “We need access to our money now, and we won’t stop protesting until something is done.”

GOVERNMENT RESPONSE

The Nigerian government has promised to address the issue, but many are skeptical. The CBN has announced plans to inject more cash into the economy, but it’s unclear when this will happen.

“We understand the frustration and inconvenience this has caused, and we’re working to address the issue as soon as possible,” said a government spokesperson. “We appeal to Nigerians to remain calm and patient, and we assure them that we’re doing everything in our power to resolve the situation.”

IN CONCLUSION

The cash scarcity crisis in Nigeria is a complex issue with no easy solution. While the government has promised to address the issue, many are skeptical. As the situation continues to unfold, one thing is clear: Nigerians are suffering, and something needs to be done to address the crisis.