Nigerians are enduring intensified economic hardship due to a persistent cash scarcity, leading to increased costs for essential goods and services. The removal of fuel subsidies and the devaluation of the naira have significantly raised living expenses, making daily survival a challenge for many.
At markets nationwide, traders report low patronage as consumers grapple with soaring prices. For instance, a 50kg bag of long-grain rice now costs N65,000, while a basket of tomatoes sells for up to N20,000. Transport fares have also escalated; a journey from Lagos to Onitsha has risen to between N30,000 and N35,000, deterring many from traveling during festive periods.
The cash shortage exacerbates these issues, with banks rationing withdrawals and ATMs often empty. Point of Sale (PoS) operators have doubled transaction fees, charging up to N800 for a N10,000 withdrawal, further straining Nigerians who rely on cash for daily transactions.
In response, President Bola Tinubu approved a 50% rebate on land transportation fares and zero fares for train services between December 21 and January 4, 2024, to alleviate transportation costs during the festive season. However, many citizens feel these measures are insufficient, calling for more decisive action to address the root causes of the cash scarcity and economic challenges.
Organizations like the Centre for Anti-Corruption and Open Leadership (CACOL) have urged the government and the Central Bank of Nigeria to resolve the naira scarcity, emphasizing the undue hardship it imposes on Nigerians, especially during the Yuletide season. They question the whereabouts of the newly printed naira notes and call for transparency and efficiency in their distribution.
As the nation navigates these economic difficulties, the resilience of Nigerians is continually tested. The government faces mounting pressure to implement effective solutions that will provide lasting relief and restore confidence in the financial system.
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