With approximately 48 hours to Christmas, Nigerians are facing a cash crunch, and hopes of resolving the prevailing naira crisis seem bleak. Despite warnings from the Central Bank of Nigeria (CBN) on Thursday, stating its intention to sanction banks and point-of-sale (PoS) operators allegedly involved in acts undermining the availability and flow of the Naira, the scarcity persists.
The CBN had pointed to cases of collusion between banks and PoS operators, impacting the availability of cash and disrupting the seamless circulation of the Naira. However, as the Christmas season approaches, the scarcity of cash has left many Nigerians frustrated.
Banks have continued to lower withdrawal limits, with some limiting withdrawals to as low as N2,000. PoS agents have become an alternative for desperate customers, though they often charge high fees. The situation has led to long queues at banks and increased reliance on electronic payment methods.
Customers have expressed their dissatisfaction, with some unable to withdraw sufficient cash for their Christmas preparations. The scarcity has affected not only individuals but also businesses, disrupting transactions in local markets and organized retail stores.
While the CBN had promised to address the issue, the shortage of cash persists, and Nigerians are adapting to the challenging situation. The Bank Customers Association of Nigeria (BCAN) cautioned against unnecessary spending and urged Nigerians to be frugal during this period of economic uncertainty.
The CEO of the Centre for the Promotion of Private Enterprises, Dr. Muda Yusuf, described the situation as economic sabotage and called for an investigation into those behind the scarcity. Meanwhile, Nigerians are navigating the challenges, with concerns about the impact on festive celebrations and economic activities.
As the Christmas season approaches, the scarcity of physical cash has added complexities to daily transactions, prompting calls for swift and effective measures to alleviate the situation and ensure a smoother festive period for Nigerians.