By Bello Gideon (SIWES student, AAPOLY)
Nigerians are voicing their dissatisfaction on various social media platforms over the resurgence of Naira scarcity, reminiscent of the challenges faced in 2022.
The scarcity follows the Naira redesign implemented by the CBN between December 2022 and February 2023, with a deadline extension to December 31, 2023, later canceled by the federal government.
As the holiday season approaches, reports indicate that Automated Teller Machines in many parts of the country are either not dispensing cash or experiencing long queues, prompting widespread condemnation and calls for urgent government intervention.
Prominent Nigerian artist Yemi Alade and others have expressed frustration, highlighting issues such as limited over-the-counter withdrawals and increased transaction fees by Point of Sale service providers.
POS operators cite difficulties accessing Naira from banks or ATMs, leading to fee hikes of over 50% in some areas.
The Central Bank, acknowledging the situation, attributes it to hoarding by individuals. Despite assurances of sufficient cash circulation, the Nigeria Labour Congress warns of a potential mass public protest if the Naira shortage persists.
The NLC questions the government’s explanation for the crisis and raises concerns about the impact on anti-corruption efforts and public confidence in banking.
