Enugu Residents Appeal to FG, CBN Over Worsening Cash Scarcity

Residents of Enugu state have called on the federal government and the central bank of Nigeria, CBN, to wade into the cash scarcity being experienced in the state.

Making the appeal, they said the situation has already crippled business and have made life hard for them.

Our correspondent, PRAISE AGU who visited streets in Enugu metropolis now report…

The current cash scarcity in Enugu has continued to hit hard on residents of the state for the past few weeks running into months. Visiting Enugu metropolis, it showed that poor transactions by banks, point of sale properly called POS, and lack of bank notes have persisted in the city. While the banks in the state are reportedly divorcing minimal amounts, ranging from N10,000 Naira below, POS operators have increased their charges.

In view of this, some residents have expressed worries over the situation. According to them, it has inflicted hardship and impacted negatively in their living conditions. On their part, some of the POS operators expressed their frustrations over the chaotic circumstances while blaming the banks.

Also Read: Police Arrest Two Suspects in Murder of Enugu Market Leader

The operators added that they barely have enough cash directly from the banks to carry out their businesses. I didn’t used to get cash inside the bank the way I used to do before because sometimes if I enter inside the bank, I will withdraw the amount of money I want.

But now, if I enter inside the bank, I cannot withdraw any amount I want.Sometimes I will enter inside the market and buy money, 100k, they will give me N3,000 Naira. Right now, if I go to the bank, the only amount they will give me, maybe they will say N10,000. Some banks will say N5,000.

The highest they can give us is N3,000, which is not even enough for my daily meal. Talk more of doing my business. If the thing is not affecting others, me in particular, it’s affecting me.

Meanwhile, they called on the government to properly regulate the various financial institutions. According to them, if things do not change, the festive period will be unbearable. The bank shouldn’t be giving out the old one.Rather, they should be giving the new currency. Well, the government are trying to phase out some currency notes, that is N500, N100 and N200. They’re trying to bottle cash together.

They should destroy the bank or maybe they should find a way. Because this incident is happening concerning the change of money. The government and CBN should look into it to see that we have adequate cash.

Because this thing will affect our cost of living. According to business experts and business groups, Nigeria’s push to replace its paper money with newly redesigned currency notes has created a shortage of cash, leaving people unable to buy what they need and forcing business to close across the country. The Central Bank of Nigeria says the redesigned denominations of N200, N500 and N1000 notes and new limits of large withdrawals would help curb money laundry and make digital payments the norm.

But the process to replace old currency notes is said to be rushed, as commercial banks don’t have enough new cash to give to the customers, pushing demand higher than supply. I am Praise Agu, reporting from Enugu.