A photo combination of both the old and the new note
It is obvious that the most talked about thing these past weeks in Nigeria is the introduction of the new note. To we Nigerians, the new note has done more harm than good, as most of us don't see a need for changing the old notes amongst the numerous problems the country is facing.
The new note was introduced in November 23, 2022 by the Central Bank of Nigeria, when it was first introduced, later on a deadline was giving for the old notes to stop being in use, and this caused a serious problem in the country as everyone is expected to go to the bank to deposit the old notes in exchange for the new note. It got really messy, and it's really affecting the economy, as it is hard to access cash. Banks are crowded with massive queue, like if you want to go to the bank, you have to cancel the rest of your schedules for the day, you go to the bank in the morning be rest assured you are coming back in the evening tired and frustrated, I heard some people come to the bank as early as 4am or 5am in order for them to be attended to ontime, like how can I go to the bank by 5am, like that is when sleep hits me hard.
A live picture of customers that wants to enter the bank
The whole idea of this is to adopt a cashless policy and I think we are not ready or we don't have the right provisions for that. Cash is not accessible as it should, people tend to do more of transfers as a means of payment, but then not every seller accepts transfer, like the petty traders, market women, a quite number of them don't have bank accounts, and this is the wrongest time for anyone to open a bank account, because you won't even be attended to, so how can one make transfer to them, it's either you give them cash which you don't have, or you just forget about buying the stuff.
The queue on the ATM
The transfer itself is not any better, the charges is outrageous and the network is a mess, like before you can successfully complete a transfer, you must be close to anger. This policy just turned everything upside down, it increased fraud, corruption, the disadvantages is more than the advantages that's if it have any advantage. The ATM doesn't even have enough cash to dispense for the day, imagine being on the queue for a long time and it got to your turn then the ATM stopped dispensing cash, I can't even imagine the feeling, and this is what some people pass through everyday ever since this problem starts
This last photo is so disappointing, see how customers are fighting themselves in a bank that is suppose to be a corporate organization, the other day a man went stalk naked in the bank in the bid to get cash to pay for the hospital bills of his sick wife, another day too, a man slumped and died. The issue keeps getting worst by the day, and it's obviously like nothing is being done to make it any better.
In my own opinion, I think the deadline should be lifted firstly, and the both currencies should be accepted, since the central bank of Nigeria has stopped producing the old notes, with time it will stop circulating, leaving only the new notes by then the new note must have been in full circulation.
But then, we are Nigerians, we have experienced worst and survived it, this too shall pass.