Newly redesigned notes: How cash scarcity is affecting people, businesses In Ikeja

“The pain and suffering is so much."

A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde

In many parts of Ikeja, long queues formed around ATMs. Most PoS service provider shops were closed; the few operators available were charging exorbitant prices for cash withdrawal. Inside one banking hall, a cashier said the withdrawal limit was N3,000 per day. The chaos was palpable. People were angry, frustrated.

Many now pay up to N500 to withdraw N5,000 from PoS operators. Ms. Esther, a PoS operator, told The Record that she queues for hours to get the limited amount of cash she can deploy to her own customers. “It is not that we are just collecting the excess charges, it is because of the stress and  because there is no money anywhere,” she said.