Opinion
“Life is not about your policies all the time. So you’d better rearrange your philosophies and be good to your fellowman..” – ASA in Jailer.
For many Nigerian citizens, the most days in February were spent in sheer agony occasioned by a lingering fuel scarcity, poor internet connection and lately Naira scarcity. Expectedly, Naira scarcity was said to have been caused by the activities of some citizens who are hoarding cash perhaps for vote buying. While the replacement of the old currency with new ones could have been seamless, it was reported that many banks conserved the notes for their very important customers.
The situation is chaotic. All ATM machines have ceased to dispense cash on the directive of the CBN. Only over the counter withdrawals are allowed with a strict daily limit that varies from one bank to another. Therefore, in addition to wasting long hours on queue for fuel, many Nigerians have to arrive at the banks as early as 5am to be on queue to make withdrawals. While many have opted for the e-channels for banking and general purchase, this Naira scarcity is not just a little inconvenience for the people.
Consider the older generation- many of whom are unable to use apps to make transfers; it has been agonising on a daily basis to make payments. Sometimes, when the network fails, the old people arrive at the banks in tears. For the past three weeks, the internet has been flooded with a wide range of emotions from Nigerians. While some are pleading with the government to be sympathetic to the average Nigerian, others have expressed pure rage- vandalising banks and launching a series of protests in different parts of the country.
But that is not to say that the Naira scarcity has been altogether a piece of bad news to business owners. For those businesses and shops with POS and other e-payment channels, this cashless situation has been a boost to business because it is the best incentive for patronage as against prices of goods. Also, in some areas, there is less vehicular traffic as many have resorted to working from home to avoid looking for cash to pay bus fares.
However, the informal market is in comatose. Quite a number of roadside traders have reported low sales since the cash crunch. A boli seller in Ogba, Lagos lamented: “We no see customers. (Meaning: We haven’t seen patronage). Many people will say no money. Even the POS people do not have cash.”
Another trader in Agege named Sunday revealed that he is forced to close early to avoid being robbed.
“Before, I used to close by 8:30pm but now I start packing up by 6:30 because it is safe to be out late. The little money I see can be taken from me.”
That has been the ordeal of most traders in places where cash transactions are still the way to go. Meanwhile, many public transport operators have lamented over the longer time it takes for each bus to reach its full capacity.
“People are not going out like before,” Musbau, a Lagos bus driver said. “We wait for a long time for this bus to get full.”
The untold hardship that Naira crunch brings upon roadside traders is unimaginable. Still, the CBN keeps mum on the Supreme Court judgement that says the new and old currency should co-exist till the end of the year.
This scarcity is dangerous because it creates an unsafe place for those who feel vulnerable to robbery.
A single lady who preferred to remain anonymous said: The other day, I was returning from a local store with my groceries and a man was saying ‘Continue to be spending our money o and lock our own inside the bank.’ I was shocked. I saw the anger and resentment in his eyes and I know if it had been late at night, I would have been attacked.”
Her narrative is a classic reflection of the popular saying that “One day, the poor will have nothing to eat but the rich.”
The Nigerian government needs to be more people-conscious in their quest to impose policies. There are many civil ways of reducing cash transactions without bringing hardship to many. One way is to set a daily withdrawal limit on every BVN. This way, cash will still be available for withdrawal at the ATMs and POS terminals but with no queue.
The idea of making people who had been largely denied easy access to healthcare, good roads, fuel, affordable accommodation go through pain just to collect their hard earned money is an all-time abuse of human right and dignity. It is pure humiliation to have money in the account and not be able to access it with ease for daily survival just because some people in government feel the need to score a political point. It creates fatigue, stress, anxiety and a huge toll on mental health in the long run.
It is more than necessary for medical practitioners and human rights advocates to speak up on the government’s ineptitude in managing the daily survival of the Nigerian. This cash crunch policy is a failed project and must be reversed before the nation reaches its full blown state of anarchy.
