Topic: Abi we dey head to anoda cash scarcity again but in different way? (Read 172 times)

This problem is everywhere around the nation. I can say that I haven't for once experience Naira scarcity during the festive period, the only time I experienced was during tbe pre election period and post election when the previous government anounces change of currency and directed old notes to be seize from circulation and the experience we had that time was beyond what I can discuss from my mouth because it was a terrible situation that led to th death of many.

One of the reason why I think we have currency scarcity was because of the previous announcement that was made on the Naira notes. If you remember, when the new Government assume office, they made it clear that the old notes are allow to be used as Legal tender until December, so it was expected for everyone to make sure they deposited all the currency into their respective commercial banks but along the line, the CBN found out that there is still large of old note in circulation and has to postpone it indefinitely, so that people don't have to face the same hardship again.

However, the people don't trust the government and I believe you know better, people have prepared and hide all the new notes incase the government make a u U turn from it's initial statement, they are holding it and including some business people, they don't want to be caught unaware again because many of them lost so many deals because of this money scarcity. Don't worry, after December you will see more money in circulation if they see that the government keep to their promise with the indifinite action of old notes.

I never experience the matter wey you dey talk so for this December, maybe na your location because for my side here everybody dey go bank and withdraw money without no complain, I no sure say cash scarcity go come again because if he go come them go Don announced am, cash scarcity no be small thing oh, I no pray to come across that level again and E no go happen, for this my side I even enter bank yesterday and money dey even our market guy's wey dey withdraw money too much no complain because they get enough money to run things that they wan do.

If our market guys wey dey buy goods never complain for our side I no dey see the matter like seriously because na them dey withdraw money more than millions in a day, and as we dey enter 2024 I no believe say cash scarcity go dey because even our Mr pr know say E go affect the country that's why as him enter office him talk say make everybody dey use both new and old money, so for this your story now I think say na your side oh because the matter never reach here.

Me sef I don hear am from newspapers and also social media most in Facebook and Instagram say currency scarcity e don start again for we country. Last week I been hear say some banks were given #10,000 out to their customers and reaching this week, Tuesday, I come dey hear say, some banks at the middle belt dey give #5,000 only to their customers so nai make since the matter never come reach our side like that nai enter bank and collect weti I go fit use for this remaining days of the month. And only necessary things we for kitchen nai I go use cash buy and all other things nai cashless transaction nai I go do. I don prepare myself like this.

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Na this same mentality na im several other Nigerians carry wey make them no won go deposit money for bank again, because they believe say wetin happen last year fit happen again..
Personally Sha, I no blame people wey dey reason this way, because wetin man go through last year, e reach for us to be extra careful this year, but then, me no dey shake, because I believe say scarcity of money no dey anywhere, the reason why e be like say money no dey bank na as you talk am - people no won go deposit their money for bank because they believe say wetin happen last year fit happen again, and the ones wey don already get money for their account dey also try to withdraw the money keep for house early.

Like I don talk, scarcity of money no dey anywhere, I believe say as soon as Christmas and new year celebrations are over, cash go surplus for banks again, so no need to come dey panic.

Aldo for every festive season people de need physical cash pass than transfer, because na time to de buy plenty things for Christmas and new year celebrations. Nobody wan hear say network no de to take make payment for life chicken, abi wetin concern bus conductor with transfer money for transport fare, e de still sweet pass to dash children physical cash for celebration matter. So people de hodle fiat wey dem go spend, dat na normal thing.

But why dis year cash scarcity de peculiar be say people no wan face di hardship of early dis year for di cash scarcity matter, so to be on di safer side e better to keep some cash in di case of any eventuality for early next year, if cash go scarce again. Afterall I no think say di government don resolve di cash wahala, so you no go blame person wey de hurd cash for now.

I enter bank on Monday, and them de ration cash for customers, I ask di cash teller why e be like that and I'm tell me say dem get shortage of cash, based on say people no too de carry cash come bank again.

Op wetin you talk naso e be oo because even me too recently face this kind issues of withdrawing of a thing last time when i go bank my own be say see some people go enter collect money but you were dea there them go say money no de haba he come be like e bank don turn to only for v.i.ps customer nii this things wey we dea see like this like one kind minor issue we pray say make him no come be the major one oo.
I great all wuna

Op you do well to ask but u see I no sure say we go get to that level of scarcity again like we experience early this year  because na festive period be this people do more of spending than saving money this period people hardly go bank to deposit money rather na spending an saving it towards the Christmas and new year period to spend their money very soon pipo go start to travel sef again Nigeria's no one stress Dem sef this period to go bank sef

Yes we dey enter another cash scarcity... I experience am the other day wey one POS friend dey tell me say she nor open office because say money nor dey and her mama don dey bank for 3 hours. Me sef dey get flash backs of wetin happen during the Emefelie time. I nor go ever forget say I use 5k withdraw 20k. Everyone need to get plenty cash for hand Sha in case of emergency and for unforseen purpose you do not want to get stranded.

I never observe sha and I pray make we no experience wetin we face last time because during that season things cost and now wey na festive season, I no sure say that bank get money at that moment cause if wetin that bank worker tell you na true pos charge for too high now cause na the same thing happen last time, aside from money issue na so goods and food stuffs dey scarce for market during this season. Price of things dey high for festive season but I never hear money issue during this season.

Many people still dey think say the 31 December 2023 wey court been say make the old money case to be legal tender still dey in place. But they are not aware that the supreme court don say make the old and new money continue to dey exist together and continue to be legal tender. But you know Naija people no dey like make things take them unaware or make things happen to them two times since we no trust our government and our government no trust us. So people want to be on the safe said to avoid what happened during the election period. But CBN said everything is in order say make we no fear said they are working to make sure say cash go dey this festive period and beyond.

This tin way u tok, true true i don dey observe am, like today way I go my bank, the ATM no dey pay, but I enter inside collect. But if the bank notice say deposit don drop because say we dey festive period, na for them to go CBN go collect cash na as usual na,  because if e pass this level way things be now, na rush hour we go soon enter, so make the banks up there game, go collect more money from CBN, make them no wait for customers deposit to use. I doubt say watin happen early this year go happen again, at least efiemewele Abi emefiele don go.

E fit be like say we dey another cash scarcity base on waiting we dey face for naija now, no be today me i start to dey hear that kind of complain from people, thank God say your side people dey see money for bank sef, for my side you go see people dey complain say complete a day money no dey ATM, i was just wondering that the government approved that they should be collecting the old note so why all this scarcity of a cash? But since the cash scarcity that we face few months ago don make some people are not use to be holding cash again even those that are not collecting transfer before are use to it, that is why all this cash issue no dey move me again.

You will see someone that will withdraw 1k will go to bank they want cash, when there's POS everywhere that make work easier for us, even as charges no cost again they no want to lose #100 to withdraw 1k, in as far cash dey POS and they suffer people like we face few months ago, i think it's still okay because i never hear any complain from the POS.

I never hear about the hoarding of cash during festive period, wetin I dey familiar with na the increment of commodities for market and the high cost of transportation. So I go just downplay wetin you talk as a rumour because wetin people go through the last time, e no funny at all. Also, nah the poor planning of the CBN in circulating the new naira note in the presidential/gubernatorial election na him been cost the cash scarcity. So this time na wetin you think say go cause am... Festive period? Nah, nah just rumour.

Basically, we experience cash scarcity almost every festive periods because during the festive periods, the quest for withdrawal is more because people need to withdraw their money in other to purchase things needed during this particular period then in order for there not to be over circulation of the naira notes makes CBN to regulate the quantity of money that should be given out to Banks to give their respective customers during this period but I don't really think that this action can affect a well meaning Nigerian as their are other medium of getting funds apart from the Banks as one can easily use POS or other banking agents to get more funds should In case the money gotten from the bank wouldn't be enough to propel throughout this festive seasons and moreover there are so many online medium of making payments so you can buy food stuffs and other important things needed then make payments through online transfer platforms without necessarily needing to get physical cash then as for people like the aged ones among us that may not be able to use this electronic medium of performing transactions those are the people that will require the physical currency more.

Op, this thing is not a new thing for our Naija and since October I started to experience this kind of thing. If you go bank and say you want to withdraw money they will tell you the amount wey you can withdraw at that particular point in time. So, anybody who wants to withdraw big money to buy Xmas things makes the person start to dey withdraw the money small small now because if you want to withdraw am at once, it won't work for you.

Actually e don tay well well wey I go bank go withdraw funds, mostly na pos I dey like use take dey run my thing, I I use transfer, beside to go bank sef dey sabi tire person. However thank you very much for this wonderful update, although I been don dey expect am since because e don turn normal thing for every December. As December just reach money go scarce and na that same time you go see say all banks go come dey get network issue, I still dey expect to see another hike in the price of fuel because that one sef na normal occurrence for the month of December every year. So all this things no be new thing, but the part wey dey pain me pass na be say, no be say na by accident these things take dey happen, na just some person wey don conspire to bring this scarcity, because if you watch well for the time of petrol scarcity, you go see say na one by one the filling station dem take dey open, as this one lock, the second one go open.

normally when we de approach every end of the year, this kind stuff an normal something when we suppose don de used to.

If the price of transportation start to de increase, e go surprise you? na so the matter be because people de mostly withdraw money use buy stuff keep for house as price of goods never increase finish like that.

 Another reason why people no too de go make deposit for bank be say most business men when he really like to deposit huge amount of money for bank de use most of their money run pos business and as e be say market de move well well by this time of the year, e no suppose surprise you say money go de scarce.

As a banking institute, this na wetin dem for don see since then make reasonable plan so that customers no go come bank come find money and him no see money withdraw.

Scarcity of money no de come anywhere, me self no Lulu like to be use the cash as most persons for my area de accept transfer so if dem like make them make the money scarce, man no go still get shaking.

You no be the only person wey don experience this, as me too wey be frequent visitor to banks been don observe this since the beginning of this December. As both Access and FCMB don place limit on how much you can withdraw as we approach festive season, which is not a new thing, but due to the touch time last year, I'm sure with this recent change, everybody is worried not to get beaten the second time by lack of cash in circulation just as we experience last year. But just as the governor of CBN made it clear that the old Naira note which was supposed to stop been in circulation this December remains valid til further notice, I will still urge people to be on the safer side, as you never can tell, hence, stuck as much note as you can now to avoid regretting later tomorrow.

This na normal thing wey dey happen on the steady and I no dey see am as anything, the country good normally and this festive season everybody don dey prepare already, normally na by this time people dey use enter market go buy stuffs dey go use for the festive period as the price still dey normal for now but one's e draw closer like around  Dec. 20th  and so every thing for market done dey double price. So make haste while the sun shine, people don dey smart enough, any money you get for hand e go better to go bank start to withdraw because very soon even to see money withdraw go be problem even this Pos people go do worst with their big charges.

So OP, no be wetin to fear or create panic about as no be wetin u think na him dey go on, this na just mere case.

My people I hail.
E get wetin I don the observe as we enter this month of December, several times I don go bank them the curtail the amount of money Ii gat withdraw from counter and even for ATM machines you go see say many times them go say money no dey even at working time wey bank dey on operation. So I just take style ask one of my friend wey the work for one of the renowned bank for we country as why money no dey always day available for bank recently even for ATM.

She tell me say nah so even them the bank the notice am too say as we the draw near the festive season people no the gree bring money com deposit for bank like before, say in fact , the rate of withdrawal don dey 4x higher than deposit and this thing dey give bank concern, so even the small way dey their disposal them the give out in limits.

So out of concern and curiosity I say make I com here com ask people, if unah the experience same thing with bank withdrawals for your own areas or state abi nah just my own location all this the happen. Abi we wan go back to another cash scarcity as we experience am towards the end of December last year up to march/April this year. Just to stay on the safe side make all man try collect cash hold keep for house in case say things happen the way I dey reason am. Becos it be like other Nigerians don the fear say wetin happen early this year fit happen beginning of next year but I'm different dimension and becos of that them don decide to hold money keep, if this continue much then bank go start do their sufferman nonsense again.

I just hope no be wetin I they think shaa.