Frustrations, anger over scarcity of smaller naira denominations
While it is undisputable that Naira is the official currency of Nigeria, it is increasingly becoming difficult for Nigerians to lay their hands on the smaller naira denominations ranging from N5, N10, N20, N50 and N100 for transactions in recent times, even the coins too.
From East to West, North to South, the situation is the same-scarcity of smaller Naira denominations. So annoying is the fact that the available ones are either mutilated or too dirty, thereby making people to find it too difficult to accept them during transactions. The situation is not only making people angry, it has on several occasions frustrated people from concluding financial transaction on good note.
Cases abound, where people were forced by this ugly situation to abandon their balances or spend beyond their budget during financial transactions. This situation has become more noticeable and worse in the last two years.
Neither the governments nor the financial institutions, including the apex and regulatory bank, Central Bank of Nigeria (CBN) have given clearer explanations or provided solution to the problem. It also surprising and disappointing that despite this scarcity, some Nigerians are still selling crispy smaller naira denominations at occasions like wedding and others unperturbed. So the question is where are they getting the ones they sell?
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