The last 2 weeks has been chaotic in Nigeria, it all started when the naira note was redesigned and introduced on December 15 2022 and citizens were asked to dispose off the old naira note with them before January 31 2023...
Unfortunately people could not meet up with this demands because there was shortage of the new naira note circulating, they later extended the date to february 10 but something crazy happened along the way....
The banks got an order from the central bank of Nigeria to stop dispensing cash, As a citizen if you visit the bank to withdraw money, you are only entitled to around 2000 to 5000 naira which is worth less than 10 dollars and they only give old notes not new notes... This is crazy right? it is the bank that supposed to collect all the old notes and give out new notes but they are hiding the new notes for a reason best known to them and giving out the old note that is meant to stop existing tomorrow...
The money they gave out is not enough and some citizens were not able to collect money at all due to the long queue at the banks... Some people even sleep over night in the bank just so they could make up with the queue the next day....
Now people are getting agitated and angry, they are destroying the banks properties, throwing stones and also harassing the bankers and other bank workers, there are lot of videos online showing this...
Even though the CBN reason for changing to a new naira note is to stop the embezzlement and fraud going on in the country by politicians as the Nigeria election is taking place on the 25th of February this year but this change is seriously affecting the citizens too...
The Pos business is the new oil money in Nigeria at the moment, the charges those people collect from people that want to withdraw from them is highly insane... The charges they collect before and after the problem started will be listed below...
- 1000 - 5000 naira : 100 charges but now
- 1000 naira - 1200 naira charges and 5000 naira is 1000 naira charges!
I withdraw 20 000 naira 2 days ago paying the sum of 2500 naira as fee and that is because the Pos manager is my customer and friend... it is more than that if it was an unknown person....
I have been trying to minimize the way i use cash now, like going to restaurant and eatery to buy food using my card to pay but here in Nigeria, only posh places like that accept cards, some of the market women do not even have a bank account so it is impossible to transact with them and what they are selling is needed....
My point is, it will be nice to run a cashless policy in Nigeria too but they have to provide the support needed to make it work out well, the market women needs a bank and also a tutorial on how to use it and also most business people needs a Pos in their shop too.... Lastly is the bank charges, this should be reduced or removed totally if we are going to be using our cards to transact!....
No one knows where this is still going, but for now some banks are shutting down due to how angry mob keep destroying their properties and hurting their workers, looks like it will be very chaotic in Nigeria throughout this month till election is over....
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Chaotic is an understatement and they have successfully created problems for many people across the nation. The banks are stupid and their stupidity is making them take the hit now because people are destroying properties belonging to the banks.
The POs shops are something else and that person must be your friend to have given out 18k. Here in my area, even POs don't give more than 5-10k for 15% of the money you are withdrawing. Everything is happening for a reason and I pray that their plans don't succeed
well this is not the fault of the bank, all blames goes to the government, the bank is just a pawn in this game that must obey any order given to them... who gives the order? the government!
That's true, it is not their fault and that's why they should have applied sense in dealing with the matters. Anyways, I pray that the Almighty God see us through.
I think the mistake the government of your country is making is that they are not giving enough education to its citizens concerning the benefits of going cashless or why they should embrace the cashless policies..
this is right but then even if we are going cashless, they should provide a solution to counter it... Now we don't have much cash and the banking sector is not working effectively.. we cant even do monetary transactions without the service ruining things for us
I don't know the reason why the government decided to bring in a new naira note, but people are really suffering including me, I had to go to visit my grandma in the village because over there it's worse they can't even buy food stuff because the money has not circulated to the rural areas.
POS operator are taking advantage of this opportunity to charge a huge amount of money from their costumes.
I think the only way to need this is to either invent a small machine as of the size of a calculator which everyone can have even market women and money can be transferred easy when you buy goods.
My contribution though
yea good idea, i was thinking about this too but i dont think we need any machine, we can use our card for this, banks just need to take away their charges
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I really do not know where all these dramas are heading to. Yesterday, some of Nigerian Press were all over the market seeking people's view about this whole saga. I spoke my mind as well, maybe they will show it on the TV 😄
I hope that our voices can be heard and act on
i didn't see it o, did you later see yourself on tv? most videos like that pop up on facebook
Hopefully the government will improve their communication and education of its citizens regarding this change. If not the chaos will continue. We have had past currency changes but the communcation campaign was enormous. Clearly there was not much preparation and plannig - hopefully that will improve.
they don't have a good plan to counter the rules they make, they launch a new note but now there is not enough new note in circulation and now we have to keep using the old note, who does that if not a foolish government