The redesigned of the new Naira banknotes was announced late last year and the deadline to use the old naira notes was given on the 15/01/2023 and before then the Central Bank of Nigeria CBN plus the Federal Government in the country told the citizens that the newly resigned naira notes will be available for everyone to use before the deadline, though they said nobody can withdraw more #20,000 which equivalent to $43.43.
But reaching the deadline which made all the citizens to go and deposit all their old naira notes to their various banks for the fear of expiration but when the last date came CBN extended the deadline and banks refused to pay their customers the money that is in their bank accounts from inside the banks except from the ATM and that makes or form a very long queue on the AMT stands.
Many people died because of this and almost 60% of business collapsed. On the 13th of February 2023, in my locality (State Capital) all the banks closed down. Bank network is malfunctioning.
Survival of the fittest by Hobbes
The age group ( old people) can't queue on the ATM and also they are not conversant with cashless technology. So they have to resort to their old way of buying and selling method. That the exchange of goods to goods so that they can survive. Barter
Cash Crunch: Rural Dwellers Resort To Trade By BarterWow, hard times for the Nigerians indeed. I hope and pray that things can get better from here on out. Surely Bitcoin can help solve these problems, at least a few of them, one would hope.
