Residents and businesses in Nigeria are voicing frustration over the recurring issue of cash scarcity as the festive season approaches.
The annual challenge has left many grappling with long bank queues, limited withdrawals, and high transaction charges by shylock POS operators, causing widespread inconvenience and economic strain.
During a field interview on Wednesday by our correspondent Juliet Jacob in Dutse Alhaji, under Bwari Area Council, Abuja, Mr. Wale, a local resident, expressed his frustration. “I’m tired of this cash scarcity already. I don’t know why this keeps happening every end of the year. Imagine, I went to the bank to withdraw, and the queue was unbelievably long. Even after waiting, the security informed us we couldn’t withdraw more than ₦10,000 or ₦15,000. I really don’t understand what’s going on in this country anymore,” he lamented.
The situation is particularly dire for small business owners, such as Point of Sale (POS) operators. Mrs. Blessing, one such operator, revealed her plans to exit the business due to rising operational costs. “They now sell cash to us, and it’s no longer profitable. I’m planning to quit the POS business because there’s no gain in it anymore,” she explained.
For others, the cash scarcity has compounded the already difficult economic conditions. Mrs. Jane, another resident, highlighted the financial strain on households. “Things are already hard in the country, and now getting cash from the bank has become another major stress. I couldn’t withdraw the exact amount I needed. When I turned to POS agents, the charges were so high. It’s really not funny anymore. The government needs to urgently address this cash scarcity,” she pleaded.
The recurring issue of cash shortages during festive periods and fuel scarcity at the start of the year has left many questioning the country’s economic stability. “It’s like rinse and repeat every year,” Mr. Wale added.
Nigerians are calling on the government and financial institutions to develop lasting solutions to prevent such disruptions, especially during critical periods of economic activity.
