(3 minutes read)
The currency crisis in Nigeria is taking a toll. Bank account holders have to enroll themselves to withdraw their own savings from the bank. Sometimes that wait for spans a few days, creating consternation among people
The currency crisis in Nigeria is taking a toll. Bank account holders have to enrol themselves to withdraw their own savings from the bank. Sometimes that wait spans over a few days, creating consternation among people.
Long before the branch opens its doors, crowds of people desperate to take out cash throng to be in the queue. The cash withdrawal is limited to 10,000 naira — just $20 — per person. The decision to swap old banknotes for a new design was taken to curb the unaccounted money -that is the money kept with individuals and businesses without paying taxes. There are also instances of counterfeit currency in circulation.
Read Also:
https://trendsnafrica.com/nigerian-supreme-court-temporarily-suspends-note-ban/
https://trendsnafrica.com/election-bound-nigeria-upfront-with-crises/
https://trendsnafrica.com/nigeria-drops-further-in-corruption-ranking/
These unsavoury developments are accompanied by heavy shortage of fuel in the country as evidenced by long queues near the petrol pumps. The twin shortages-currency and fuel- are significantly altering the economic landscape of the country as the elections are round the corner. Riots erupted in frustration over the cash crunch last week when Buhari visited Kano state. Independent National Electoral Commission (INEC) Chairman Mahmood Yakubu recently reassured Nigerians the February 25 ballot would happen, with three major presidential candidates in a tight race. Despite these reassurances, there are a few who are doubting how the elections could be free and fair amidst the tense situation.
