The last 2 weeks has been chaotic in Nigeria, it all started when the naira note was redesigned and introduced on December 15 2022 and citizens were asked to dispose off the old naira note with them before January 31 2023...
Unfortunately people could not meet up with this demands because there was shortage of the new naira note circulating, they later extended the date to february 10 but something crazy happened along the way....
The banks got an order from the central bank of Nigeria to stop dispensing cash, As a citizen if you visit the bank to withdraw money, you are only entitled to around 2000 to 5000 naira which is worth less than 10 dollars and they only give old notes not new notes... This is crazy right? it is the bank that supposed to collect all the old notes and give out new notes but they are hiding the new notes for a reason best known to them and giving out the old note that is meant to stop existing tomorrow...
The money they gave out is not enough and some citizens were not able to collect money at all due to the long queue at the banks... Some people even sleep over night in the bank just so they could make up with the queue the next day....
Now people are getting agitated and angry, they are destroying the banks properties, throwing stones and also harassing the bankers and other bank workers, there are lot of videos online showing this...
Even though the CBN reason for changing to a new naira note is to stop the embezzlement and fraud going on in the country by politicians as the Nigeria election is taking place on the 25th of February this year but this change is seriously affecting the citizens too...
The Pos business is the new oil money in Nigeria at the moment, the charges those people collect from people that want to withdraw from them is highly insane... The charges they collect before and after the problem started will be listed below...
- 1000 - 5000 naira : 100 charges but now
- 1000 naira - 1200 naira charges and 5000 naira is 1000 naira charges!
I withdraw 20 000 naira 2 days ago paying the sum of 2500 naira as fee and that is because the Pos manager is my customer and friend... it is more than that if it was an unknown person....
I have been trying to minimize the way i use cash now, like going to restaurant and eatery to buy food using my card to pay but here in Nigeria, only posh places like that accept cards, some of the market women do not even have a bank account so it is impossible to transact with them and what they are selling is needed....
My point is, it will be nice to run a cashless policy in Nigeria too but they have to provide the support needed to make it work out well, the market women needs a bank and also a tutorial on how to use it and also most business people needs a Pos in their shop too.... Lastly is the bank charges, this should be reduced or removed totally if we are going to be using our cards to transact!....
No one knows where this is still going, but for now some banks are shutting down due to how angry mob keep destroying their properties and hurting their workers, looks like it will be very chaotic in Nigeria throughout this month till election is over....
Just call me Burl.
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