By Gloria Ogbonna
As the festive season draws near, Nigerians find themselves embroiled in a persistent struggle due to the exacerbating scarcity of cash, significantly impacting their ability to make essential purchases ahead of Christmas celebrations.
The prevailing shortage of naira notes has created widespread dismay among shoppers, retailers, and business operators across various regions of the country.
Reports gathered by The PUNCH underscore a pervasive shortage of physical currency, disrupting routine banking operations both over-the-counter and through Automated Teller Machines (ATMs). This scarcity persists despite assurances from the Central Bank of Nigeria (CBN) regarding increased cash circulation to support economic activities.
Multiple visits to banking facilities in prominent cities such as Lagos, Abuja, Osogbo, Makurdi, Sokoto, Edo, and Gusau revealed a consistent pattern: depleted ATMs and rationed cash services within banking halls. The situation has left many consumers and traders stranded, unable to access adequate funds for their daily transactions.
One striking repercussion of the cash shortfall has been its direct impact on small-scale vendors and local market sellers. These individuals, reliant on immediate cash transactions, have insisted on cash payments due to past challenges with electronic transfers and fears of potential transaction failures.
For instance, Mama Sule, a roadside trader in Abule Egba, Lagos, lamented the adverse effect on her onion business, highlighting the inability to accept digital payments and its consequential impact on her sales.
The ripple effects extend to Point of Sale (POS) operators, who, faced with inadequate cash reserves, have resorted to doubling service charges, further burdening customers already grappling with the cash crisis. Customers have reported difficulties making withdrawals, while others expressed apprehension over rising service fees, compounding the challenges faced by Nigerians amid the scarcity.
The shortage's ramifications extend beyond urban centers to various states across the country, amplifying concerns. In Zamfara, Gombe, Edo, Minna, and other regions, ATMs have been largely non-operational, while commercial banks impose limits on withdrawal amounts, forcing residents to explore alternative payment methods or endure prolonged queues and limited access to cash.
While the CBN cited the expiration of the naira redesign policy and subsequent hoarding as the primary cause for the scarcity, the repercussions for everyday Nigerians have been palpable. The scarcity disrupted essential economic transactions, leaving shoppers like Remi Arowolo unable to make bulk purchases for the festive season, significantly affecting Christmas preparations.
Furthermore, concerns over cash scarcity have prompted fears of potential scams associated with digital transactions, leading some traders to exercise caution when accepting electronic payments, despite the convenience they offer.
Amidst the unfolding crisis, the assurances from the CBN regarding sufficient cash circulation have not translated into tangible relief for citizens and businesses, raising questions about the stability and accessibility of cash flow within the country. As Nigerians anticipate the joyous season, the prevailing cash scarcity looms as a daunting obstacle, impacting both daily economic activities and the spirit of the upcoming celebrations.
Source breitbrat
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