The rejection of old notes by transport operators, fuel stations, traders and other businesses continued over the weekend, leaving many bank customers, workers and commuters stranded across the country. The scarcity of new naira notes has made it increasingly difficult for people to reach their workplaces and businesses, as old N1,000 and N500 notes are being turned down despite Deposit Money Banks having started to pay them out last week. The lack of official approval from the Central Bank of Nigeria has triggered a mass rejection of the old currency by businesses and individuals.
Several commuters told our correspondents that the worsening naira crisis has become almost unbearable, with many workers missing work because they cannot obtain cash for transport. Lagos‑based lawyer Enitan Ogunfuwa said that arriving early at her office in Ikeja has become difficult since the shortage began. A well‑dressed young woman, who identified herself only as Sola, explained that she had to trek from Cele Express on the Apapa‑Oshodi Expressway to Jakande Gate in Ejigbo, Lagos, because she could not find cash. Petty traders also reported huge losses due to low patronage.
The cash crunch persisted days after the Supreme Court ruled in the naira redesign case, extending the validity of old notes to 31 December 2023. Yet, as of Sunday, the Central Bank of Nigeria had not issued a pronouncement approving the old notes as legal tender, and the Federal Government had not commented on the judgment, even though the Attorney General received a copy of the ruling on Friday. Customers continue to besiege banks daily in hopes of obtaining new notes, while more Nigerians share their experiences of the shortage.
Theresa Amadih, a mother of two who works at a Lagos eatery, lamented that the naira scarcity has left her unable to afford transport fare to her job. Roadside trader Isa Abdulkareem said he had to resume operating his commercial motorcycle during the day to get cash, as most customers now offer to pay for meals via online bank transfers. Realtor Abiodun Balogun described the difficulty of getting to his office: “I was supposed to work on Saturday, but I and several colleagues could not go because of the cash scarcity. Some managers had to ask our MD for approval to let us stay home. Monday is almost here and I still have no cash to get to work. This is really frustrating and affects everyone.”
Oluseye Orekoya, a manager at a payment platform, called the situation dire, noting that several colleagues have been unable to come to the office for the past three days. Economist Bismarck Rewane, managing director of the Financial Derivatives Company, warned that Nigeria has lost about $18 billion in productivity due to the naira and fuel shortages. He explained that the time Nigerians spend queuing at ATMs and fuel stations, instead of working, represents a significant opportunity cost.
Meanwhile, on Sunday, motorists, fuel stations and traders continued to reject old notes, underscoring the ongoing crisis.
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