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The scarcity of the new Naira note persists despite the central bank’s promise to make it available. POS, which serves as relief to customers, has been shut down as security agents go after them on allegations of connivance with bank staff that hoard new notes and sell them to them at exorbitant prices, which in turn affects customers who come to them to withdraw money.
Because of the charges by the POS operators, banks are filled up every day with customers wanting to withdraw money, and the banks do not give more than N5,000 to customers. Most bank branches have been shut down for fear of mobs, as fights are recorded on banking premises daily as customers throng the bank.
The government has not explained why the Naira was redesigned. The reason may be genuine, but it has caused untold hardship for many Nigerians. Nigerians have heard a lot about the cashless policy as the reason, and it is also rumored that it is aimed at moneybag politicians who plan to buy votes in the upcoming election. Everyone hopes that things will return to normalcy, but no one knows when that will happen.
