Scarcity Of Money In Nigeria
No one would believe this would happen as an average Nigerian can make use of money to his satisfaction despite not having it. Money is not easy to get but too easy to spend for your upkeep.
Everyone needs money for one thing or another and when it is not forthcoming would cause a serious problem. Not coming does not mean you don't have it, but means you have it but cannot spend it just because of the new Nigeria policy. It now becomes hard for someone who has money to take his money by cash to purchase whatever he or she wants to buy. Everyone is suffering trying to spend the little new notes they have with them wisely.
The deadline for the return of the old notes was supposed to be today the 31st of January 2023, but the one-way day has been postponed with the addition of 10 days. This was not the best way to make Nigerians happy, because the new notes are not in circulation.
Why do we have a scarcity of money out there?
Money today in Nigeria is scarce just because the new notes are yet to be in circulation. We only have a little amount of it being dispatched which made us, Nigerians go into serious management.
Initially, these new notes were hard to accept especially for those who only know the value of the old money. Remember that anything that can purchase goods or use them as an exchange of goods and services is called money. So, with time people began to see it as legal tender and something they must accept at all costs.
Changing the currency to curb corruption was the best but people who seem to call others corrupt may also be corrupt. This is Nigeria where the politician only wants more for themselves leaving the general populace to suffer.
Is this money available to rich people?
Until the day before the date was extended, banks who were supposed to have the new notes were not having them, instead, we're paying with the old notes. We were asked to return the old notes to the bank but the banks paid out old notes. Until today the banks only pay little of the new currency instead of paying only new currency.
We were not supposed to be left behind in the dark just like this. The aim was to punish those who are stealing our money by keeping them in a place that seems safe to them.
Last week the tricycle was seen with a load of money and when asked, told the eyewitness he was going to dump them in the dumping ground. That money was all spoiled and no one would use them any longer. This was part of the corruption that the government is trying to solve, but the commoners are suffering.
Those in the village are finding it difficult to reach the bank as they are far from the banking system. Most of them had to take their old notes to the POS just to get them exchanged. Up till today, their money is yet to be given to them just because of the unavailability of the new NAIRA NOTES.
How long are we going to remain this way?
The policy now placed is that no one would withdraw more than #100,000 from his bank account daily. Would this not affect things? How would the marketers feel and to what extent or tactics would they use to purchase their goods? As far as this idea is good, it is bad in the eyes of those carrying money for trading.
The image used is taken by me