As naira scarcity bites harder in Africa’s biggest economy, several Nigerians are left frustrated over their inability to get the cash (naira) requirements that they need for their daily transactions.
Naira scarcity has hit major cities across the country as several Automated Teller Machines (ATMs) stopped dispensing cash and commercial banks introduced limits on withdrawals.
With people’s inability to carry out these transactions a lot of their daily activities have been disrupted, and their basic needs are unmet.
“We thought this naira scarcity would be a thing of the past, but it is happening again. I don’t know if it is a crime to be a Nigerian. It seems our governments are bent on only increasing the suffering of the masses,” said Ronke Kolawole, a secondary school teacher in Ikeja.
“Prices keep surging daily and now there is naira scarcity. You go to the bank and they tell you can only withdraw N20,000,” she said.
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According to her, Nigerians are currently overstressed and it won’t be appropriate for the government to add burden on the people.
She called on the government to urgently address the cash shortages before the situation worsens.
With inflation running at the highest rate in 18 years, hitting 27.3 percent in October, and food inflation at 31.5 percent, Nigerians are struggling to overcome the amplifying cost of living crisis and naira scarcity frustration.
Real wages, which reflect the power of employee pay after accounting for inflation, have fallen in Nigeria by 200 percent, thus making Nigerians face increasing pressures daily and forcing them to make hard choices as prices of all products continue to rise.
“PoS operators have increased their charges now because of the current cash scarcity. I now pay N500 for N20,000 which was for N400 before now,” a storekeeper who only gave her name as Chioma said.
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“ATMs are not even dispensing and you have to visit at least four or five ATMs before you can find the one dispensing cash and there is a withdrawal limit,” she explained.
She noted that it has been a frustrating experience having to spend more withdrawing money. “I spent N1,000 yesterday moving from ATM to ATM and from bank to another.”
“I am going for my father’s burial and at least a million naira in cash. It has been frustrating,” she noted. “I just have only N400,000 now still looking for N600,000.”
Nigerians can’t seem to catch a break. After surviving the difficult moment of the pandemic, they are now struggling daily to survive amid surging prices and deepening poverty.
BusinessDay visited some PoS operators across major markets in Lagos to find out how they get the cash requirement for their business operations daily.
Bilikisu Mohammed, a PoS agent at Mile 12 Market, Lagos, said she has increased her charges as she now buys naira from traders and fuel attendants. “I buy cash from traders because I cannot get the volume of cash I need for my business daily.”
“Yesterday, I went to the ATM with seven cards and it was only Access Bank ATM that was paying. The crowd was huge and I had to stay for over an hour before it got to my turn. The limit was N40,000 on each card, so I could only withdraw N280,000,” she said
“This cannot even last for an hour, so the alternative is to buy from traders,” she noted.
