![]() Some people have had to reduce their spending due to the high cost of acquiring cash. In the last few weeks, amidst several subsequent changes by the government on what denominations of the currency are to be considered legal tender, Nigerians have had to adapt to the new reality of a cash shortage in different ways, including how they spend their money. They are faced with long queues at the few banks that have cash, as they can no longer withdraw money over the counter or at ATMs. However, after the Central Bank of Nigeria made a sloppy attempt to change its legal tender in November of last year, many Nigerians have found themselves waking up to the shocking reality of not being able to easily access cash. It is how they pay for transportation, food, and other basic necessities. According to the World Bank Global Findex Database, it is the most preferred means of payment for Nigerians. Like Esther, most people turn to leave in disappointment.Ĭash is a vital component of daily life for many Nigerians. ![]() Many of them have not had access to physical naira notes in weeks. On her way out, she hears the security telling people they can’t enter unless they have cash. Our servers are down, and we can’t take credit transfers.” Esther drops the bread she was holding and leaves the store. “ We are sorry but we will be accepting only cash. It’s a Sunday, and 24-year-old Esther is standing in a queue at one of Lagos’s most popular retail stores when an announcement comes over the speakers.
0 Comments
Leave a Reply. |