Cash Crunch: Nigerians Lament Loss of Lives, Properties 

By Nafisat Bello

Residents of the Federal Capital Territory (FCT) have cried out on the too many tragic consequences of the ongoing cash crunch caused by the naira redesign policy of the federal government.

The residents said the loss of lives, properties, jobs and others over the continuous naira scarcity are no longer bearable.

Speaking to ECONOMY ON THE STREET anchor, Rahma Oladosu, the residents bemoaned the fact that getting food, medicals and other necessities have become difficult due to the cash crunch and poor banking services.

Some of the residents described as unrealistic the cashless society that the federal government wants to achieve by subjecting the people to avoidable hardship.

Also Read: Cash Crunch: Nigerians Lament Exorbitant PoS Charges, Poor Network

“A woman gave birth and needed blood transfusion urgently, but due to bad network, money could not be transferred, she lost her life,” one of the respondents lamented bitterly.

Another young man who sought anonymity also said he lost his brother to the same medical emergency.

“I haven’t been able to go work for three days now because of lack of cash,” a youth lamented.

“It’s quite unfortunate that even when the Supreme Court has passed its verdict, nothing has been done about this issue. No new Naira note to go in circulation and they are still rejecting the old notes,” another youth lamented.

The youths further appealed to the government to ensure adherence to the Supreme Court ruling to avoid more difficulties in accessing cash.

ECONOMIC CONFIDENTIAL can now report that the CBN has decided to obey the Supreme Court ruling on the use of old notes till December 31.

Banks across the country will now resume accepting and issuing the old naira notes and this is expected to improve cash liquidity across the country.