URGENT CALL ON NIGERIAN GOVERNMENT TO RELIVE THE HARDSHIP BROUGHT TO PEOPLE DUE TO THE NAIRA REDESIGN

The cash inadequacy and the attendant economic and social upheaval created by currency redesign and less money in circulation have brought to the fore.

Shortage of cash in banks, ATM and POS posts is causing hardship to citizens.Many times one finds It difficult to transfer money, due to the Network problem.

And if one needs to withdraw cash, he will spend all day moving from a bank to bank without getting what he needs.

As a result of this, some heartless people are using this opportunity to surcharge their customers by deducting 20% or 25%-or 30% from amount of money one wants to collect.

This is a share wickedness.Nigerians are going through these with generalized insecurity, rising cost of living, fuel queues, infact, there is enough tension everywhere.

Digital payments run by banks are often unreliable in Nigeria, leaving businesses struggling as growing numbers of customers have been unable to find the cash to pay for goods and services.

Someone might want to transfer funds to you, but it can’t be processed and they don’t have cash because of this issue.

The two critical sectors of the economy, trade and commerce as well as agriculture have been very badly affected because they do a lot of transactions in cash, especially in rural areas.

This policy has brought their economic activities to a halt.Authorities should allow more time for the old notes to be gradually replaced by the new ones.

To make matters worse, the supply is extremely limited. Economic activities have been practically crippled as some people have locked their shops.

-SAIFULLAHI SURAJO

Publisher, Human Rights Watch and Youth Empowerment Foundation of Nigeria.

10th March, 2023