Naira saga: How much is naira near you?

On the gist today, we take a look at how Nigerians have reacted and how survival has been tough for everyone in the country lately.

I withdrew from POS yesterday and it was 100 naira for every 500. Crazy right?

Violent protests have been recorded in various parts of the country, including Ogun, Oyo, and Akwa Ibom in the country’s south, and the media has been flooded with laments from suffering Nigerians who are unable to access their funds for transactions, particularly in the cash-dominated informal economy.

Frankly, I cannot blame them, violence is not always the best approach but how do you react to a situation where your sanity is taken for a joke?, you revert to insane behaviours_ that is what a lot of Nigerians have been forced to do. The very idea that the money you have worked for is being withheld from you is driving a lot of people to the edge especially when the money has pressing needs.

Despite acknowledging supply constraints, Mr. Emefiele lamented the activities of banking industry saboteurs who, he claimed, are hoarding the new notes.

He claimed that at least two unnamed bank branches were busted for stockpiling new notes while customers waited in long lines and were unable to withdraw their money.

Some commercial banks, on the other hand, have denied hoarding the new notes, claiming that the Central Bank simply isn’t providing them with enough notes for customers.