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Floodwaters of Famine: Maiduguri deluge exacerbates Nigeria’s food crisisIreti Kingibe’s claims on first-year constituency projects in FCT had more flaws than factsBlood on UniformsFloodwaters of Famine: Maiduguri deluge exacerbates Nigeria’s food crisisIreti Kingibe’s claims on first-year constituency projects in FCT had more flaws than factsWith no clarity on the cause, the shortage of N100 notes has left many questioning the country’s cash supply systemThe scarcity of N100 notes in Nigeria...
Sayyada, a young mother of five who sells peppers and tomatoes near the police station before the market complex, expressed her frustration over the scarcity of N100 notes, stating that there are days when she goes without holding a single one.While her sales don’t typically involve N100 notes, there are instances when customers make purchases that require giving change.
Olaolu Adeniyi, a civil servant who relies on public transport, shared that many bike riders and taxi drivers have started to charge extra when passengers don’t have the exact fare. For instance, if the fare is N400 and a passenger only has N500, the drivers often insist on taking the higher amount, leaving the passenger with little choice but to comply.
According to the CBN’s Money and Credit Statistics, currency outside banks rose by 66.2 per cent in September 2024, reaching N4.02 trillion, up from N2.42 trillion in September 2023. This marks a notable increase of N1.60 trillion in currency circulating outside banks over the past year.On his part, Paul Alaje, the Chief Economist at SPM Professionals, attributed the scarcity to inflationary pressures.
“Again, more people are now trying to optimise online transfer channels but that does not mean for a simple transaction of buying something across the counter, we can not see this currency. The truth is more of this currency will be scarce. Electronic means will replace them, not necessarily because of advancement in technology but because of loss of value of this currency,” he said.
Mariam Ahmed, a snack seller on Kosoko Street, Berger, noted that even bike men, who are her primary customers, patronise her only to get lower denominations. Nasir Yusuf, a pepper seller who spoke in the Hausa language, shared similar experiences. Mr Yusuf said the scarcity slows down his small business on some days, making it difficult to operate efficiently.“We’re the worst hit. For weeks, we’ve been facing this challenge. It’s frustrating when customers need change, and we can’t provide it. We either turn them away before the board or scramble to find change elsewhere.
“Only the Central Bank of Nigeria can explain why they are not printing the notes again,” she said when asked why the notes are limited in circulation.Mr Akpan said even his customers are also complaining about the situation. He blamed it on commercial banks. “The notes are very scarce. I exhausted the few I got from the church on Wednesday. For now, I accommodate any changes that require N100 in withdrawals if the customer does not have the physical note to pay.A commercial tricycle operator, Ubong Okon, said he always asks passengers if they have N100 balance to avoid problems.
“Any business transaction that will make me look for ₦100 change, I would rather lose the customer than scout for change because I cannot get it.
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