How Naira Scarcity Frustrated Nigerians’ Efforts to Stock Food Ahead of Elections
By Abbas Badmus
Some Nigerians have told the story of how the ongoing cash crunch frustrated their efforts to buy and keep enough food stuff at home ahead of the general elections.
Due to the unpredictability of election outcomes in the country, Nigerians often buy a lot of household stuff with a plan to stay indoors in case of any breakdown of law and order.
Speaking to ECONOMY ON THE STREET anchor, Rahma Oladosu, a lot of Nigerians lamented the difficulties they experienced due to the naira scarcity caused by the federal government’s naira redesign policy.
One of the respondents, who sought anonymity said aside the scarcity of cash, inability to do transfer also frustrated her market plans.
“There is no cash, the challenge is too heavy for us, everything I will be doing here now is transfer and it is very difficult I wont lie to you,” she added.
“To buy food now we find it difficult, no where to get money, to even get money to transport to where to vote is a big challenge,” another Nigerian lamented.
ECONOMIC CONFIDENTIAL can now report that the Central Bank of Nigeria (CBN) has decided to obey the Supreme Court ruling on the use of old notes till December 31.
Banks across the country have now resumed accepting and issuing the old naira notes and this is expected to improve cash liquidity across the country.