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The Reality Of Scarcity Of Naira Notes: How Are You Coping? - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / The Reality Of Scarcity Of Naira Notes: How Are You Coping? (19632 Views)

Have You Tried Spending The Old Naira Notes, How Did It Go? / Communities, Markets In Sokoto Abandon Naira, Trade In CFA Over Scarcity Of New / Banks Blame CBN For Scarcity Of Naira Notes (2) (3) (4)

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Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Silentgroper(m): 10:17pm On Feb 20, 2023
VenExchangee:
Of course yes, what if they want to withdraw? Add at least #50-#100 as charge is okay. I always add charge for them even if they didn't tell me.
i dnt... They either accept or i bounce and go elsewhere...
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by bluefilm: 10:19pm On Feb 20, 2023
Almiron:
GTbank App, It can be frustrating atimes but it works eventually.

However, USSD(737) is dead, if you plan to pay with it, you'll watch plates laslas

*737# still works perfectly for GTB to GTB transfers.

I don't know for GTB transfers to other banks.

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by God2man2again(m): 10:19pm On Feb 20, 2023
Transfer to another bank has been difficult, I don't know why

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Poshmichael45: 10:22pm On Feb 20, 2023
Na person we get money for bank and cash for hand the worry...me na anywhere belly face for now..
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by blowjohn(m): 10:26pm On Feb 20, 2023
Today was the worst day so far.

No where to get cash
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by okeke6969: 10:26pm On Feb 20, 2023
PoloG:
Tinubu will reverse that useless policy when he wins

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Minjim: 10:27pm On Feb 20, 2023
Instead of Palmpay, use Opay.
He get why


twosquare:
Mostly through bank transfers...I use my hard-gotten cash for transport mainly. Any other thing is through transfer...Even barbing my hair this evening was paid via transfer.

I am now switching to PalmPay after traditional bank apps showed me shege today. Will be going to the market tomorrow to get meat, etc...transfer too...

I have seen Okadas here that take transfer...hunger no go finish us...adapt or get run at loss..
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 10:29pm On Feb 20, 2023
PastorOku:


He didn't collect anything. I went to the shop of my coursemate back then in the University, gave him the list my wife wrote (cos she was strong), he itemized them in price and i paid through transfer without adding a kobo.

You should have added this part in your first comment.
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Blazebond(m): 10:33pm On Feb 20, 2023
cassyrooy:
I've hardly used cash these past few weeks.

Even to purchase water, bread, watch football, I've practically paid for these through transfers via Bank Apps (which sometimes work if I use VPN to open them) but people hardly transfer to me because they mainly use USSD and this has affected me negatively.

Na lockdown protocol I dey like this.

I no dey leave house say I wan enter motor go anywhere.

Please stop using VPN when you want to open your bank App,don't be a victim.
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Almiron: 10:34pm On Feb 20, 2023
bluefilm:


*737# still works perfectly for GTB to GTB transfers.

I don't know for GTB transfers to other banks.
it seems you haven't use it lately, it will frustrate you

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Godsonkemz(m): 10:35pm On Feb 20, 2023
I use cash for all my transactions because I have access to cash. Secondly good planning.

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Silentgroper(m): 10:36pm On Feb 20, 2023
Minjim:

Instead of Palmpay, use Opay. He get why

Why?
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Ameoba300: 10:36pm On Feb 20, 2023
My legs are all fatigued

Even some bolt drivers don't accept transfer.

6 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by everythinggirly(f): 10:40pm On Feb 20, 2023
It's really hard for me😥
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by twosquare(m): 10:45pm On Feb 20, 2023
Minjim:


Instead of Palmpay, use Opay.
He get why


And why is that?

Anyway, Google data shows that PalmPay has got the most users, and I love PalmPay interface.

2 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 10:47pm On Feb 20, 2023
snoopz:
Na those road side business wey now wan move cashless deyy suffer o, u withdraw 20k 3 weeks ago, Na like 7k remain, Na transfer and pos I dey do now for supermarkets unlike before that 20ƙ no go last 1week before but now I no dey even spend anyhow unless it's needed but we really need that cash as I dey like this I'm scared of union monthly charges that will hit me at the end of the month

easytig:
It's like I will have to have my personal pos machine o,money I'm paying for transfer ehn, don dey pass be careful.

It's everywhere.

Even if the Naira becomes more abundant in circulation now, many PoS operators will not want to reduce their exorbitant charges.

Yet, they want the politicians to be different, as if they're angels. grin grin
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Nobodysboo(m): 10:48pm On Feb 20, 2023
NA DIE WE DEY!
Traders no dey gree collect transfer

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 10:51pm On Feb 20, 2023
Viltron:
The level of stress people are going through, Na Satan go punish emefiele the drunkard economist

To think he went to Harvard, is alarming ☹️
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by chatinent: 10:52pm On Feb 20, 2023
Sha, I noticed we now have excuses to give those soldiers and policemen on the road wanting forceful tips.

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by stagger: 10:55pm On Feb 20, 2023
What's my story?
I was one of those who got hold of the new notes in January when traders all around were rejecting them. I have twice used POS to get 20k of the new notes and paid a premium for them. From the experience of my family in 1984, I knew there would be trouble down the road. But even I underestimated the extent of the chaos.

I have been moving around with N8k of this money for 2 weeks now, depending on transfers and POS payments. I am afraid to spend any of the new money I have because the crowds at the banks are getting larger. Even my connect POS agent no longer has access to the notes and has closed shop for a week now.

My worry is not the present. We do not know what these elections will bring. The signs of a chaotic election are already in the air. How can INEC be crying for money with mere days to go? Nigerians are at their wits end. No money, no food, and daily life has been upended for millions. People are emotionally charged.

If this situation continues for the next 6 months, how many of us are prepared enough to survive it?

5 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 10:55pm On Feb 20, 2023
grandstar:
Is it how we are coping or how we are not coping.

Going out is a challenge.

Basically, almost all payments are with mobile apps. Na hin sure pass.

An alternative is to pay crazy rates to get new notes or mixture of old and new. I am just fed up.

I would suggest any wise trader to accept old notes as they can still be deposited at the banks. You can restock your wares using transfers. Those going that route are enjoying fast moving markets.


The bolded is a good suggestion, but some banks are closed till further notice in some areas due to fear of arson. This will cause difficulty for the traders to deposit the "old notes."

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by chatinent: 10:55pm On Feb 20, 2023
After all this saga, we go know which POS we go dey withdraw from hence and which one will be lost in oblivion.

1 Like 1 Share

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Nobody: 11:01pm On Feb 20, 2023
Karlifate:


To think he went to Harvard, is alarming ☹️

Anyone can go to Harvard if they have loads of money. It's a school for the privileged.

My late father, who was not schooled, could have done a better job than emefiele. He would not be anywhere near such an important position in a sane society. He ruined this country along side his master

4 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by masterpiecer(m): 11:02pm On Feb 20, 2023
Don't know if it's happening anywhere else, I had to collect 5k with 2k charge from POS here in my location angry

2 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 11:02pm On Feb 20, 2023
Nobodysboo:
NA DIE WE DEY!

Traders no dey gree collect transfer

It's even fair in the North.

In the South-West, a lot of traders, transporters or anyone you're transacting with, will not accept transfer from you, expect he or she knows you to a reasonable extent.

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Karlifate: 11:07pm On Feb 20, 2023
Viltron:


Anyone can go to Harvard if they have loads of money. It's school for the privileged.

My late father, who was not schooled, could have done a better job than emefiele. He would not be anywhere near such an important position in a sane society. He ruined this country along side his master


Even if he intends to fight dirty politicians, he couldn't find a more better way to do that than putting the populace in severe hardship.

Well, to me, he seems bitter about his truncated Presidential ambition, so he had to take out his frustration on the masses (Very typical of an average Nigerian)

The political system of Nigeria is rotten.
If you like preach with 🔥 & brimstone. As long as people are hungry, they'll still sell their votes.

4 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Treassured: 11:33pm On Feb 20, 2023
everythinggirly:
It's really hard for me😥

Eeeyah Sorry😟

1 Like

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by dettolgel: 11:51pm On Feb 20, 2023
Throwback:
Nigerians cannot wait for Tinubu to hit the ground running and do away with this anti-economic and anti-people policy.

Many children are no longer going to school due to lack of cash for transport and feeding.

Abubakar that sells Orange and Watermelon has been watching his customers walk past without stopping to buy, even when they have thousands in their bank account.

Most roads are quickly empty as people are staying indoors without cash to spend.

The economy is contracting.

Not many people are smart or understand the economy or how to grow one.

We will vote wisely and vote the economic genius to solve our problems.

That was what you guys said in 2015 that Buhari and Osibanjo will hit the ground immediately that Buhari will handle security and Osibanjo will handle the economy. grin

It took Buhari 6 months to get head out of his ass. Till date we are waiting for Osibanjo to turn the economy around while Fashola the empty barrel made electricity distribution to look like rocket science grin

2 Likes 1 Share

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by Ijaya123: 12:01am On Feb 21, 2023
Coolsperm:
Tinubu is the major cause of this currency problem, Tinubu stole money Tru bullion van during last election

And he still kept those money since then while Buhari looked the other way? You’re not bright.
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by CrownLands(m): 12:08am On Feb 21, 2023
fidelmarshal199:


Never been to the market since the beginning of the scarcity. I can't pay 10 percent charges using the pos and I can't be number 200 on the queue in the bank

So how do you get food and essentials? What about transportation fares?
Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by cassyrooy(m): 12:14am On Feb 21, 2023
Blazebond:


Please stop using VPN when you want to open your bank App,don't be a victim.
They're fingerprint powered, I don't type in password or pin. I just did a transaction now with this same VPN-supported login now.

But I'm just having a rethink because of this your post.

I'll practice how to stop.

2 Likes

Re: The Reality Of Scarcity Of Naira Notes: How Are You Coping? by OperationalVehi: 12:17am On Feb 21, 2023
Abegi make una rest

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