Nigerians have continued to lament the inability to obtain new naira notes. Citizens of the country, including civilians, public figures, and elites, have struggled in recent weeks to spend funds wisely.
Celebrities have taken to their various social media accounts to reveal the methods they use to obtain new naira notes.
On October 26, 2022, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced that new naira notes would be introduced to replace the current 200, 500, and 1,000 notes. The apex bank also set a deadline of Tuesday, January 31, 2023, for phasing out the old versions of the affected naira notes.
However, the deadline for exchanging old naira notes at commercial banks has been extended by 10 days.
Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the new deadline on Sunday in a press statement.
Today, we’re going to look at how Nigerians in various sectors and spheres of life have reacted to this, and have shared their experiences:
Traders at Nkwo Nnewi market
The traders blamed the Central Bank of Nigeria (CBN) for the shortage, claiming that the CBN should not have announced the January 31 deadline when commercial banks, according to them, are unable to release enough new naira notes to their customers for transactions.
Mr. Chinedu Enyeribe, a trader and Chairman of the Fairly Used Motor Dealers Association, said business had almost come to a halt at the market.
When the Daily Sun visited the market, many traders were struggling to deposit their cash at various banks.
He claimed that his members had complained that banks were unwilling to accept cash deposits from them, exacerbating their situation.
Even the Point of Sale (POS) operators are no longer receiving old currency cash deposits here. For any business transaction, our traders now accept small cash payments. We require money transfer if the amount is significant.
There are no new naira notes to be found. Nobody has come to my shop with the new business notes. There isn’t enough of it in circulation, and I doubt banks have enough of the notes.
However, we oppose any extension of the January 31 deadline. We already know that the goal could be to prevent vote buying or other forms of election rigging in the upcoming general elections. We agree with Mr. President when he says there is no going back on the deadline.
However, the CBN should issue more new notes to facilitate business transactions. In the same vein, Mr Sunday Okoli, President of the Fairly Used Motorcycle Dealers Association (FUNMDA), Nnewi, stated that the new naira policy had hampered their business transactions, resulting in a breakdown of business activities among the traders.
I went to withdraw N150,000 from a bank, and they paid me in old naira notes. When I complained, they said it was the only one they had.
“Both buyers and sellers now require money transfers. And not everyone is capable of making the transfer. We are currently going through a very difficult period.
Why should the CBN give a deadline when it’s obvious that the new naira notes are not enough in circulation? The poor masses are the ones who suffer.
It doesn’t make sense if they say it’s for a checkmate election. They know who might be hoarding the currency notes, and they can go after such people rather than suffering the poor Nigerians.
Customers at Fidelity Bank
“I’ve been here for five hours,” a man in his mid-50s said angrily to our Correspondent who was photographing the crowd when he saw his identity card. They won’t give me my money, so I’ll sleep here.”
Some angry young men among them charged at our Correspondent, accusing him of “playing” instead of “you to find a solution”.
As the banking hour came to an end, the banks’ gates were locked and keyed.
Attempts to speak with a bank employee about why the machines were only dispensing N2000 and whether they would be reloaded if the cash ran out were futile because no official could be seen.
When approached, bank security guards said “no official around,” telling our Correspondent that “at least our bank is giving people money.”
Nigerian celebrities are Not Exempted
These celebrities, like the average Nigerian, have had to rely on less convenient means of obtaining cash for their daily needs.
Following the frustrating process, some of the celebrities, have expressed their displeasure and the difficulty it took to obtain the new money via their verified social media handles.
See reactions from a few of them;
Femi Adebayo
Nollywood actor Femi Adebayo Salami described the new money as gold on Instagram after lamenting bitterly about how difficult it was for him to obtain it.
According to the well-known actor, getting foodstuffs, particularly those sold on the streets, is difficult without cash because most attractive traders lack Point of Sale (POS) machines for e-transactions.
The actor noted that he went through hell while showing off the money he struggled to obtain, but he told his fans that he was willing to share it with them due to a difficult time.
Comedian Akpororo
In a fit of rage, popular comedian Akpororo demanded that money changers be investigated.
The Warri-born comic wondered how these people were able to obtain new Naira notes, which are exchanged for old notes at exorbitant rates.
Speaking painstakingly, Akpororo said:Â
There is no cash. We are waiting for new Naira notes. New Naira notes have not circulated, I believe that’s the reason why CBN shifted the deadline for the return of the old ones before they bring out the new ones. But money changers already have it and are changing money back to back.
Whitemoney
Whitemoney, the BBNaija Season 6 winner, also expressed regret after witnessing N700,000 of the redesigned notes being sold for N1m at a party.
The reality star, who also stated that he was having difficulty obtaining the newly redesigned notes, wondered how money changers have these notes in surplus while the masses queue for hours at various banks.
Susan Peters
Veteran Nollywood actress, Susan Peters took to her verified Instagram page to demand that the Department of State Service(DSS) expose those who have the audacity to sell new notes which is not fully in circulation.
Susan Peters wrote:
Syndicates selling new naira notes have been arrested, excuse me, sir! is it the bankers or bank managers or the third parties?
Please let’s know the root of this in the open. The Banks, The Bank Managers, Or The Bank Workers before the third parties, they are the real cause of the shortage of naira.
How are different people reacting to the scarcity of the naira?
Those who do not have money in the bank or on hand
These people are already broke, and it makes no difference whether there are new naira notes or not; they simply do not have money anywhere.
Those with a naira plug
These individuals are acquainted with those who work in the Central Bank and banks and have a steady supply of new notes.
Those who wake up and fall asleep at the ATM
One simple example is those who operate POS (Point of Sale) machines and have become the season’s overlords. They get up very early in the morning to line up for money, which they then distribute to others at exorbitant prices.
Those who are in desperate need of money
These are the cash madams and ‘ogas’ who spend large sums of money on a daily basis and are now cash trapped. Furthermore, their bank apps have stopped working, so they have money but can’t spend it.
Those who keep money in reserve
Certain people have withdrawn so much money through their plug and are still complaining about the naira’s scarcity with the rest of us.
How To Survive Nigeria’s Current Situation
It is no longer news that the scarcity of the new naira note is biting hard, and many Nigerians are struggling to make ends meet.
Here are a few things/tips to help you survive the current situation:
- Banks do not have sufficient funds to pay. You are unable to make a transfer, and the ATM is not paying. The little they have is nowhere near one-third of what people require. So, unless absolutely necessary, avoid using ATMs.
- Postpone all projects for the time being until things return to normal. Don’t push things to avoid disappointment and frustration; your sanity is important.
- Food is the most important thing right now. Use whatever money you have to buy food for your children. We hope that famine does not break out.
- Reduce unnecessary outings. There is no fuel, and those who do sell it are charging exorbitant prices. Unnecessary displays of wealth are irresponsible and reckless; if you don’t drink beer for a day or two, you won’t die; transportation is expensive now. If possible, do your work inside. This is not the time to be drinking beer and “kaikai”. This is not the time to call and disturb someone for an “urgent 2K”, send me airtime, or buy me data, use your head and control the little money you have on hand if any.
- For the time being, avoid unimportant news. It will only send you to a premature grave. In this country, the only thing the news does is give you a heart attack. Avoid all unprofessional newspapers, especially those owned by people who are known to be members or supporters of a political party; they will all LIE.
- Whatever happens, try to have access to the internet. The internet has been a fantastic tool for reducing depression. Browse, laugh, and keep yourself entertained.
