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Showing posts from February 19, 2023

Scarcity of Cash in Nigeria: The Struggle for Survival

The Current Hardship in Nigeria: Scarcity of Cash In recent times, Nigerians have been facing one of the most difficult financial situations in the country’s history. Citizens are frustrated, businesses are struggling, and the economy has been thrown into confusion due to the scarcity of cash following the introduction of the new naira notes. 🔹 The Struggle of Citizens For many Nigerians, accessing money from their bank accounts has become a daily battle. It is no longer as simple as using an ATM or walking into a banking hall. Instead, people are forced to spend hours under the sun, standing in long queues at ATM points, just to withdraw a small portion of their own money. Some citizens arrive at ATM stands as early as 6:00 a.m. , hoping to be among the first in line when bank officials refill or reset the machines. Yet, after waiting for hours, the amount they are allowed to withdraw is usually limited to just ₦10,000 . This has made it extremely difficult for families to meet their...