Financial crises in Nigeria: How it is going

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We thought that after the presidential elections, things will become normal again. But no, it has lingered to so long. First the central bank of Nigeria announced a introduction of new naira notes which faded out in January. But the issue wasn't the new naira notes it was that the notes weren't in circulation that even banks didn't have enough new naira notes to give to her customers. Now the old naira notes seized to be a legal tender and majority of the citizens had the old naira notes in their possession. It became an issue because having the old naira notes was useless and then not seeing the new naira notes was another big challenge.

Now the supreme court gave an order that the old naira notes should be used until the 31st of December. People still refused to use the old naira notes because the Central Bank of Nigeria didn't say anything to the order given by the Supreme court. Now imagine going to the bank only to be given the old Naira notes which you cannot use to buy anything whatsoever and then you go back to the same bank to deposit the old naira notes that they gave you and hen you are told that they cannot collect it. That you should go to the Central Bank to deposit it. The situation is just so crazy.

Most traders have locked up their shops because of the scarcity of money. People are crying of hunger because they don't have access to their money to at least buy food to eat. The worse is that POS operators are leveraging on this situation and selling your own cash to you at an outrageous price. They take almost 50% of what you want to take. Now other options is to do transfer but for a market woman who doesn't have an account, what will you do? The network is so poor that sometimes it takes a full day to complete a transaction.

The government is so relaxed about this financial crises and it is affecting the citizens a great deal. Why not let the old notes circulate together with the new notes. Then gradually allow the old notes to fade out. We are not ready for this cashless policy at all. I hope we solve this issue as quick as possible because people are loosing it. Hunger is looming around already.

God help us.

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