The shortage of the Nigerian currency, the naira, has once again hit the northeast, intensifying the hardships that people in the region continue to experience.
This comes amidst the high cost of living, occasioned by the removal of the Premium Motor Spirit (PMS) subsidy by President Bola Tinubu.
SaharaReporters reports that obtaining naira notes has become a huge challenge for residents of the North East area.
Bank customers spoken to complain about the inability to access cash over the counter, just as many bank ATMs have limited daily cash withdrawals to just N20,000, regardless of the type of account.
Surprisingly, the situation is not the same with point of sale (POS) business operators.
This is because POS is now a booming business due to the availability of cash as they now charge N2,000 for each N10,000 withdrawal unit.
Before the current cash crisis, withdrawing the sum of N10, 000 from a POS machine costs between N500 and N1000.
In this sense, many bank depositors believe that the artificial scarcity was created by bank owners to conduct good business through POS.
They wondered how point-of-sale companies have enough cash while deposit banks don’t.
Suleiman Baba Jada, a senior citizen, told SaharaReporters that after failing to withdraw cash from one of the commercial banks in Yola, the Adamawa State capital, he was charged N200 per unit of N10,000.
“It is clearly a case of grand theft to charge N8,000 for a transaction of N400,000. This is crazy!
“I have no doubt that the naira shortage was deliberately created to boost the point of sale business, otherwise how can you explain that the deposit banks do not have notes but the point of sale operators Do they have them for sale?” Baba Jada questioned.
Another resident, Bala Sadiq, said: “I completed a check for N2 million but I was told I could only receive N500,000. That bank transfer of N1.5 million would have to clear the balance. I had to pay charges of N40,000 to get the balance. POS people”, he added.
For Junaid Mahmud in Gombe, the capital of Gombe State, “The situation calls for an investigation by the Economic and Financial Crimes Commission (EFCC).”
When contacted about the naira shortage, some bank managers who spoke anonymously blamed the practice of grain purchasing and hoarding.
“Customers will come and withdraw hundreds of billions and not give them back. They used the money to buy and store grain; why won’t this create a cash shortage?” he asked. one of the managers explained.
There is a need for the Central Bank of Nigeria (CBN) to address the matter to alleviate the suffering of the masses.
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