In the bustling streets of Ojodu, Lagos State, a mysterious figure known as “Madam Cash” operates a discreet black-market business, providing a lifeline for those seeking elusive new naira notes and foreign currency exchange. Shrouded in secrecy, Madam Cash caters to a clientele eager to obtain cash, even in times of scarcity.
Madam Cash, a middle-aged woman, strategically positions herself at Berger Bus Stop, clad in a black scarf with her gown swirling in the wind. Under the protection of an umbrella, she conceals a point-of-sale machine, offering shelter to those in need of her peculiar services. What appears to be a casual inquiry for services is, in fact, an intricate disguise for her clandestine trade.
Taimiyu, a Lagos State University student, shares insights into Madam Cash’s operations. “She’s well-known in the area. Just mention Madam Cash, and they will lead you to her. Even in this period of cash scarcity, she always has cash, mostly new notes, which is where she got her name.”
Accessing Madam Cash’s services requires a referral or a substantial transaction. Taimiyu explains, “It is sometimes difficult to get her to sell money to you without a referral, but if you mention a big amount, she would oblige. It is her business.”
Investigations reveal that Madam Cash isn’t the sole player in this underground market. Other currency hawkers, scattered across locations like Yaba and Dadi Motor Park in Kaduna State, openly display wads of new naira notes for sale.
Recent online videos depict a thriving market for these notes, raising concerns about the authenticity of the currency in circulation. Comedian Maleke’s viral video narrates his futile attempts to secure cash from a bank, contrasting sharply with the abundance available through currency changers.
The Central Bank of Nigeria (CBN) has issued warnings against such practices, emphasizing the illegality of ‘spraying’ and buying naira notes at events. Legal expert Onuoha Okechukwu affirms, “It is against the law to sell currency banknotes. A person who tampers with the naira note or coin is guilty of an offence, punishable by law.”
Despite the CBN’s assurances of ample naira in circulation, reports of scarcity persist across various states, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti. Citizens lament the difficulties in accessing cash through traditional channels, leading to increased reliance on alternative sources.
The Nigeria Labour Congress (NLC) has called upon the government and the CBN to address the cash shortage urgently. NLC President Joe Ajaero criticizes the disregard for warnings, stating, “Excuses would no longer suffice.” The scarcity, coupled with the thriving black market, raises questions about the root causes and potential solutions.
As the country grapples with fresh challenges in its monetary landscape, the prevalence of counterfeit notes further compounds the issue. The CBN warns of criminals circulating fake naira notes, adding another layer of complexity to Nigeria’s financial woes.
Experts argue that sustained efforts to withdraw old notes from circulation and replace them with new ones, coupled with stricter enforcement of currency-related laws, may help curb the flourishing black market and ensure a more transparent and reliable monetary system for all Nigerians.