The cost of purchasing Naira notes in Nigeria has continued to be on the rise, as Nigerians now buy Naira notes as commodity instead of being a legal tender to pay for goods and services. Citizens now pay N1,200 to purchase N4,000 at POS stands at different locations in Lagos, that is N1,000 selling at N300. This is as the redesigned Naira notes of N1,000, N500 and N200 have been ‘scarce’, while the old notes have been withdrawn from citizens by the commercial banks on the directive of the Central Bank of Nigeria (CBN).
Days after the judgement of the Supreme Court of Nigeria which ordered that the old N500 and N1,000 notes remain legal tender till December 31, 2023. The banks have been waiting a statement from President Muhammadu Buhari or the CBN Governor, Godwin Emefiele, on the judgment of the Supreme Court. Nigerians have been waiting for the President before accepting the old Naira notes as directed by the Supreme Court.
At different ATM galleries, the machines are ‘dried’ of cash, while customers storm banks in search of cash.
Small businesses have been shut down since December for lack of cash; many POS operators have gone out of business; only few purchase cash from several sources for sale.
At some locations, people lose N3,000 to buy N10,000, some others sale at N350 per N1,000. In certain suburb of border communities between Lagos and Ogun States, Ajuwon, Ishaga, POS operators charge N200 for N1,000; that is, N2,000 for N10,000. Apparently, the cost of buying Naira notes differ from location to location.