YOU FIT GET MONEY MAKE HUNGER STILL KILL YOU

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In 26 October, 2022, the CBN announced the introduction of the redesigned N200, N500 and N1,000 naira notes into the financial system. But since the notes were unveiled, Nigerians across different parts of the country have had a hard time accessing it from banks, ATM and POS. Scarcity of both the old and the new notes have been the issue Nigeria are facing at the moment. Most Nigerians would agree with me that at the moment Nigeria is the worst possible place to live in. The chaos and trouble caused by the scarcity of the new notes, the phasing out of the old notes was extended from 31 January deadline to 10 February. Despite the extension, many Nigerians working in the informal sector of the economy are having a hard time to get both the new and the old notes while others mourned for their inability to withdraw their hard earned money from their bank accounts. To get your banked funds in Nigeria at the moment is complex and nearly an impossible task.

In Okene kogi state where am based, nowadays in the market most shop advertise their product by saying "I DAH COLLECT OLD MONEY" meaning, I accept the old notes. Those that still collect the old notes price is so high that you have to pay double the price of what you want to purchase. saying that if the notes becomes useless it will be their lose.
Before the federal government launched this policy, we were told that it would mop up the N2.7 trillion outside the banking system, to shore up the value of the naira, prevent politicians from vote-buying and curd illicit cash inflow.
Presently the new naira note has become an essential commodity to be hoarded by the POS operators and commercial bank.
The redesign of the new naira notes has backfired, and there is currently chaos all over the nation.
Despite the chaos Nigeria are facing due to lack of cash the situation also worsened due to the lack fuel, cause most Nigerians that depends on power generator can't power up there generator due to the scarcity of fuel.
(WAHALA PRO MAX)

FRUSTRATION

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In my town most of the POS are under lock and key, while those open increase their charges for cash withdrawals and transfers.
POS operator charge N1000 To withdraw or transfer the sum of N5000 due to the scarcity of the naira notes. most of the POS operator complained that Banks are not dispensing enough naira and this makes it very difficult for them to access so there had to increase there charge because there are now using money to collect money in banks, Despite the long queue in the banks.
Basically we now buy our own money.

Some people accept mobile money transfer but those that accepts it will say you will have to transfer it with the POS charge. And some do not accept transfer at all cause there are afraid of being scammed.

"YOU FIT GET MONEY MAKE HUNGER STILL KILL YOU"
~New naira notes
Sorce

I pray and hope something will be done quick because when Nigerians get impatient it might lead to Chaos and distruction. Take how Nigeria raided the food reserve during covid 19 pendemic as an example.

Glad I could share this to this wonderful platform
Thank you steemit