By Chinwendu Obienyi
Despite the Supreme Court’s ruling on the legality of the N500 and N1000 bank notes weeks ago, Daily Sun investigations can reveal that more bank customers, workers and commuters across the country remained stranded with no cash to do simple transactions.
This is even as the rejection of the old notes by transport operators, fuel stations, traders, and other businesses continued on Monday. The Supreme Court had on March 3, 2023, extended the validity of old notes to December 31, 2023, embolding more commercial banks to start dispensing the old N500 and N1,000 notes.
But the silence of both the the Presidency and the Central Bank of Nigeria (CBN) on the ruling has since triggared a mass rejection of the old currency notes by businesses and individuals.
As of yesterday, a look at the CBN’s website and social media handles showed that the apex bank was yet to make an official announcement on the ruling, stretching into twelve days now.
Several Nigerians, especially bank workers, who spoke to Daily Sun, said the worsening naira crisis had led to a near unbearable situation leaving many of themcash-strapped. Although the Central Bank of Nigeria hinted it was doing all it can to bring the situation under control, it has become customary to see queues at ATMs, PoS points.
A staff of one of the new generation banks at Egbeda, Lagos, said, “Today has been somewhat dull and I feel like sleeping because the hall is empty. There is no cash and our branch does not have cash. It appears that I have to work from home today. We have been sorting out ourselves with the leftovers from the vault but right now, we don’t have anything left.
We’ve complained to the manager and his response was quite strange as he just remained mute. I do not know how we as bank workers will be expected to come every day regarding this cash scarcity”.
A young lady who identified herself as Precious, said, “I had to wake up as early as 5am to wait for a neighbour to go to work today. The issue is his place of work is far from mine, I do not know how I will go home today. I am hopeful but at the same time I am distraught because the scarcity is really biting hard on us”.
Dr Charles Omole, a lawyer, in assessing the situation said, “The Supreme Court gave a verdict and till now nothing has been done to officially give effect to that verdict by the Presidency or the CBN Governor. What kind of nonsense is this? The nation just appears to be drifting and coasting aimlessly. How long will this madness continue?
Speaking on the development, the Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Muda Yusuf, said the protracted acute cash scarcity has not only crippled economic activities in the country, but has also become a major risk to the livelihoods of most Nigerians.
“Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy. Nigerians have not been this traumatised in recent history
The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms. Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable and the expected relief from the Supreme Court’s judgement has not materialised”, Yusuf said.