By: Hammed Yusuf Baba
In October 2022, the Nigerian apex bank announced its naira redesign policy, a move towards a cashless economy and declared that the then N200, N500 and N1000 notes would be no longer a legal tender. Since then, the Central Bank of Nigeria, through the commercial banks, has mopped N2.3 trillion worth of old notes.
This led to a massive cash crunch, hurting businesses and households across the country with citizens having difficulties accessing cash for their daily transactions.
Like every other place in Nigeria, residents of Offa, headquarters of Offa local government area of Kwara State, continue to lament the hardship caused by this policy.
Residents, speaking with The Informant247, appealed to the Nigerian government to come up with a fast-paced solution to the issue.
The Chief Babaloja of Offa, Alhaji Moshood Bello, begged the federal government to persuade Emefiele to revisit the policy.
He said, “I urge the government to help us persuade the Central Bank of Nigeria, CBN’s governor, Emefiele to take it easy on us. Even if a nursing mother is going to stop breastfeeding her child, there is going to be something preserved for the child to feed on. The old note swept out of circulation is the tenth time the new note printed. Definitely, CBN knows that the money can’t circulate and will cause quarrels among citizens.
“This matter is beyond local government and state government issues. The decision is with the Federal to make. Well, as of the 14th of February, our people in Owode (A popular market in Offa) are still collecting the old note but some are complaining that the Electricity distribution company and fuelinge stations are rejecting it.”
He lauded traders in Owode market and the POS agents across Offa for being considerate and compassionate with others.
He said, “I appreciate our people in Owode market as they collect the money because that’s the only little money in circulation. Now they have extended the date to the end of this February, though I haven’t known the fact of it when I reach home and listen to the news, I will know how standard the claims are.
“Even if you go to Point of Sales, POSs agents to withdraw a thousand-naira new note, the charge is #200 and they also claim they are buying money with money and they can’t run into debt and more so they are giving us new notes.
“I appreciate POS agents’ effort because if there is no POS where are we going to go because bank networks are not in good condition? We can survive through these POS agents. May God bless them.”
Mrs. Toluwalope, a meat seller at Owode market, lamented that she is losing patronage because of the unavailability of cash.
She said, “We’re suffering, we are recording low sales. If we are asked to collect transfer by our customer if we did, we are running at a loss because the POS agents will collect charges. More so, at the abattoir, it hasn’t been easy because they don’t collect transfers, so, we have to go to POS agents. And if we are to withdraw #10,000 the charge is #2,000.
“We urge the government to react to this issue as fast as possible because this problem is uncomfortable for the masses.”
For Mrs. Muslimat Olaiya, a palm oil seller at Owode market, the policy has caused naira scarcity, which has in turn affected her sales.
She said, “This issue of cashless policy is a very pathetic one! With all the money we deposited into the bank, we are unable to withdraw them; they didn’t give us money. The little amount we are still collecting from our customers, they asked us not to collect it again. Even a lady came now almost crying saying she has been unable to eat or withdraw cash. She is here with old notes and we didn’t collect them from her, but her actions swung me to help her, so I had to collect them from her.
“We are unable to give them money when we can’t withdraw from the bank and some people are not accepting transfers. Most of them claim they don’t have banks in their villages.”
A stranded customer at Union bank, Musharaf Opeyemi lamented how stressful it has been for him to access the banking facilities.
“I did transfer to someone, the person didn’t receive an alert till now, and they debited me. I came on Monday, the bank is crowded and I have to come today for the same thing just because of the cashless policy I haven’t gained entrance into the bank,” he said.
Abubakar Abdulganiyu said, “We were given #10,000 in union bank which has not been easy. The children’s schools are collecting transfers to pay their fees.
“Though, since the day I’ve been patrolling this Union bank, no one has been injured, but it has not been easy for people.”
“Let’s just ignore Nigeria’s problem now. I’ve been here for close to 30min because when I dropped off my customer, she gave me an old note which I cannot collect. So, she just came with some money now, maybe she borrowed it, I don’t even know, but I feel everybody’s pain,” said a motorcyclist who pleaded anonymity with frustrations shown all over his face.
Mrs. Rafiu Balikis, a fish seller, said, “I’ve lost my customers because they are offering me old notes which I can’t collect. Two cartons of fish would have been finished by now, but just because of the cashless policy, I’m unable to sell one carton. Even where I buy goods from, they are not collecting transfer, so we have to be making use of POS.”
