A month ago no one would have imagined we would be queuing up at Banks to collect our money. Neither would we have thought there would come a time when it will be easier to get cash in a foreign currency than in Naira, right here in Nigeria!
People are paying money to withdraw their money from POS operators and there are daily limits on cash withdrawals at the Banks.
How is the common man on the streets coping? For him to withdraw N10,000 from a POS operator, he has to pay N4,000. The only other alternative he has is to queue up at the Bank ATM for the whole day and yet not get money.
I believe there will be an improvement in the cash scarcity situation after the general elections. But before then, we would have to device ways of coping with cash scarcity situation in Nigeria.
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