Hello hivans, how have you all been? If anyone is in Nigeria currently, he or she would understand how hard it is these days. Living in this country is as hard as getting a green pass in a foreign country. Recently about 2 months now, our currency was changed and we had new note come in from the central bank to all commercial banks in the country. We were ordered to submit the old notes to banks and get the new ones but it's more difficult than that. It's been hard getting the new notes and our government has put a limit of our withdrawal to let the new note circulate but the issue if circulation has been a top tier for us and increased cost of living. We can't get new notes easily and we still can't touch our money in our bank accounts. This year is one of the worst moment of currency I have encountered, I never imagined having money in my account and being unable to withdraw it out. All banks put in limited quantities in their atm machines and set our limits to 20k per account user, I couldn't believe my eyes. Not to even mention the stores selling provisions on how rejectful they have been on the old notes. This crisis really makes things hard in the country, going out is hard because no one wants to take an old note despite the fact that new notes have not been released and we got an increase in the price of fuel. A lot is affecting Nigerians today, I hardly go to school these days for two reasons:
1. Increased cost of transportation
2. Lack of New naira note
Market research shows that about 30% of traders have stopped selling and buying since the rejection of old notes which is poor to our economy system. God has been the provider to some families who have no where to turn to due to the new system brought in. I have been visiting the bank for the part 4 days now and have been unable to withdraw some cash.
An extension of the expired notes have been made
The government announced yesterday that the expiration of old Naira notes has been postponed to 10th of February, people are relieved but will the new notes circulate by before then?
The bank's won't explain to us why they aren't disbursing enough new notes despite the fact that the central bank keeps saying there was enough new notes in the banks.
We are hoping for a new nation before a lot of people lose too much than the government can fix
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