It is no longer news that Nigerians have been cash-stranded for weeks and have had to resort to alternative methods of cash withdrawal due to a scarcity of naira notes in banks.
Some heartbreaking videos of disgruntled customers expressing their rage and frustration in Nigerian banks have gone viral on social media.
According to Kemi Filani, Nigeria announced a change in some naira notes in November, citing security concerns, currency hoarding, and an increase in cybercrime as reasons for the change.
The naira scarcity coincided with a scarcity of gasoline and a price increase.
Check out the following heartbreaking videos:
Meanwhile, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to “enlighten the public on grey areas about the scarcity of the new Naira notes.”
It also advised the apex bank on the need to strengthen its policy implementation capacity.”
In a statement signed by its Director-General, Chinyere Almona, the chamber noted that the new naira redesign had triggered varied reactions and feedback that suggested that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes might have started to impact businesses and social livelihood beyond intentions.
The statement read in part, “With the launch of the redesigned Naira notes last December, expectations were high for the smooth transition to the use of the new notes for business transactions across the country.
“We regret to note that expectations have been dashed, business deals impeded, and loss of time and value experienced by many. The central bank needs to enlighten the public on grey areas about the scarcity of the new naira notes in addition to strengthening its policy implementation capacity. This is the minimum expectation in the face of a currency crisis in which we find ourselves.”
According to the statement, businesses have been left to suffer the consequences of the CBN currency management policy lapses.
“While we support the drive toward a cashless economy, redesigning the naira and phasing out old currency notes could have been better planned and implemented with no hardship for businesses and individuals,” the statement read further.”