- Nigerians are facing hardship due to cash scarcity.
- The scarcity has led to long queues at banks and ATMs, with high POS charges.
- The Central Bank of Nigeria (CBN) blames panic withdrawals, but experts point to inefficiencies in the banking system.
- The scarcity has exacerbated hardship, particularly in rural areas where cash transactions are common.
Nigerians are facing a tough time as cash scarcity continues to worsen, compounding the already existing hardship. The scarcity has led to long queues at bank branches and ATMs, with many customers unable to withdraw sufficient funds .
In some states like Kaduna, Kano, and Katsina, the situation is particularly dire, with POS operators struggling to obtain cash from banks. As a result, they’ve had to raise transaction fees, adding to the burden on residents .
The Central Bank of Nigeria (CBN) has blamed the scarcity on panic withdrawals, but experts argue that the real issue lies in the banking system’s inability to efficiently distribute cash . Some have even pointed to communication problems between the CBN, banks, and the public as a contributing factor .
The scarcity has also led to a hike in POS charges, with some operators charging as high as N200 per N5,000 transaction . This has further exacerbated the hardship faced by Nigerians, particularly those in rural areas who rely heavily on cash transactions.
As the situation continues to worsen, Nigerians are calling on the government and the CBN to take immediate action to address the scarcity and alleviate the suffering of the people .
