How the naira and fuel scarcity problems are affecting Nigerians

The current economic situation in Nigeria has caused extra hardship for many Nigerians, aggravating their cost of living in crisis.

Findings by Nairametrics have shown that across Lagos, many people are spending valuable time queuing in front of Automated Teller Machines (ATMs) in a desperate bid to get cash. Those who cannot get cash from ATMs are paying exorbitant charges to Point of Sales (PoS) operators.

Since Monday, cash has been unavailable both at banks’ ATMs and over the counter. Bank customers who needed small cash to pay for transport fares, and other urgent needs could not find money to withdraw from the ATMs. 

The few ATMs that were still dispensing cash were crowded by a large number of people who queued to withdraw money. 

Experiences of Nigerians: Ukpono Okonta, a Unilag student, complained bitterly about how she was unable to withdraw the last money in her account due to the high POS charges.

Recently, a pregnant woman in Kasuwan Magani, Kajuru LGA, Kaduna State, reportedly died because all efforts by her husband to withdraw money from the bank failed.  

Fuel scarcity is still a problem: Fuel scarcity is on another level, even as Nigerians continue to queue at filling stations as early as 3 am to get fuel. The long fuel queues have caused tremendous traffic jams.

What they are saying: Dr Chinyere Almona, the Director General of The Lagos Chamber of Commerce and Industry (LCCI) stated, said the expectations of Nigerians with regard to the new naira notes have been dashed. She said:

• “With the launch of the redesigned naira notes last December, expectations were high for the smooth transition to the use of the new notes for business transactions across the country. However, we regret to note that expectations have been dashed, business deals impeded, and loss of time and value experienced by many.”

In case you missed it: On Sunday, the Central Bank of Nigeria (CBN) extended the deadline for naira swap by 10 days from January 31, 2023, to February 10, 2023, to allow the collection of the old 1000, 500 and 200 naira notes. 

CBN Governor Godwin Emefiele also explained in a statement that the apex bank’s sensitization exercise on the naira redesign has achieved a success rate of over 75 per cent.