CHAPTER ONE/INTRODUCTION
Due to a lack of new naira notes, small-scale businesses that rely on daily cash transactions were unable to access their finances. This resulted in a decrease in customer support as potential customers were unable to access their monies from their banks.
Owners of companies that deal with perishable products like meat and tomatoes experienced losses. Pressure is placed on breadwinners due to the small window of time for Nigerians to exchange their old notes for new ones and the lack of both the old and new notes. Financial institutions and their personnel were vulnerable to assaults by irate consumers as a result of the people’s displeasure.
For instance, angry demonstrators demolished a Wema bank branch in Ibadan on Friday, February 3, 2023, as a result of a shortage of naira notes and petrol. Several POS operators were forced to shut their businesses due to a shortage of old and newly redesigned naira notes. Those that opened offered outrageous prices.
Kidnapping and banditry incidents already exist, therefore adding to the pressure on Nigerians to withdraw their hard-earned money from their bank accounts via a chaotic circumstance that might spark nationwide demonstrations similar to the ENDSars. The situation with the new naira notes in Nigeria has shown that the leadership of that country’s central bank was primarily concerned with the advantages of the cashless policy, oblivious to the severe economic pain it would cause Citizens.
It also demonstrates the possibility that the president was misled by the CBN, which consistently said there were enough new notes to replace the old ones.
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