Nigerians in Great Hardship as naira scarcity combines with fuel scarcity
By Jeph Ajobaju, Chief Copy Editor
Nigerians are groaning under the latest double whammy of fuel scarcity and non-availability of naira notes inflicted on them by Muhammadu Buhari, even in his lame duck season, a thread that goes way back to 2015 when he became President.
Naira notes, old or new, are not dispensed by the Automatic Teller Machines (ATMs) of most banks, including the oldest, First Bank; and the few banks that allow withdrawals – such as Titan Trust Bank – are cashing in on the Great Hardship.
The cashcard of any bank (except Visa card) can be used to withdraw new notes from the ATMs of Titan Trust Bank, but at an extortionate fee.
The bank’s ATMs dispense a maximum N20,000 per card of another bank, withdrawn at N5,000 at a time. Each withdrawal with the cashcard of another bank costs N35. Withdrawing N20,000 attracts a fee of N140.
And that is for the fortunate people who are on the ground when the ATMs are loaded with cash. Otherwise, the machines mostly dries up.
The ATMs of the vast majority of other banks, both old and new generation, even in the popular areas of Lagos – such as Funsho Williams Avenue in Ojuelegba and Allen Avenue in Ikeja – do not give out cash.
The new deadline to swap old naira notes for new ones is 10 February.
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Nigerians express disgust
Nigerians express disgust over the non-availability of cash in banking halls and ATMs, lamenting the situation is snuffing life out of economic activities.
Below is a sample of their experiences and views, harnessed in a survey conducted by The Nation.
Nenuwa Mmadu (trader)
“We are talking about currency here. This currency I am not seeing it. The old one I have, I was asked to go and change to new ones. I did so but it proved abortive. The bank informed me that neither was available.
“I finally got the old notes and on my transit from Ajah to Oshodi, transporters rejected them, I handed the new ones to them and they said it was fake. What do you want me to do, this country?
“I was even thrown out because they said I didn’t have money and I had money in my pocket.”
Obinna Mmadu (business owner)
“It is not about the extension, can they meet up with our own demand? So many people are rejecting old money.
“When you talk to the local banks, they blame the CBN [Central Bank of Nigeria], when you go to CBN, they blame the local banks. We don’t know who is responsible.
“As businessmen, this money gave us a lot of stress last week. They told us the deadline would be 31st of January, but as at last week, we didn’t have access to the new cash. and they were giving us all sorts of conditions.
“We don’t even know what is happening because even the ATMs are not dispensing the new notes.”
Toyin (herb hawker)
“We were told that we can’t withdraw more than N20,000 from the ATM, I went to the bank to withdraw money and it’s still the same old notes I was given from the bank.
“I went to the ATM to withdraw money and I met people fighting each other because there was no money in the ATM. The banks also didn’t put money in the ATM and they all locked their gates.
“We are unable to get our money; we are just stranded. The banks in Ladipo didn’t give us money.
“They should please extend the date they said the old money will expire or they should put as much money out here.”