Cash scarcity and matters arising

The present scarcity of the new naira notes is like death that has no deference for anyone. The opulent and the average people are now equal. They both maintain queues in banks, wanting to withdraw money from the Automated Teller Machines(ATM).  

The problem has hamstrung a number of people from providing for their family and meeting their personal needs.  

Sadly, there were stories of patients dying in hospitals because of their inability to pay for their treatment in cash. 

Frankly, the decision by the government to embark on this policy at this time is wrong. It smells of political undertone.  

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Even though the deadline for the collection of old notes has been shifted to February 10 yet, the new naira notes are yet to reach the general public or wider circulation. As the hardship lingers, it is pertinent to ask that: Are the bank managers or officials hiding the new naira from being circulated? If yes, the federal government should take swift action in bringing those banks and the bank officials to book. Refusal to do that, it may be turned into a business and it may anger Nigerians and may lead to protests, which will worsen the security situation we are facing. 

I wish to appeal to the federal government and the Central Bank of Nigeria to work hand in hand to alleviate the problem of the cash scarcity being encountered by the people. The earlier it is done, the better it will be. 

Olayode Inaolaji wrote from Ogbomoso, Oyo state ([email protected]).