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Arise News247 authoritatively gathered that cash crunch hit Nigerians bank as at today, 23rd December 2016 forcing some Nigerians to engage in trade by barter in order to get their essential needs and to get essential commodities as they prepare for Christmas and New Year.
According to Arise News247 correspondents that visited most banks, Nigerians were helpless as bank could not make their cash available and most ATMs are frustrating customers with “Unable to dispense cash at the moment. Please, visit the nearest ATM Centre.” The few ATM machines that were dispensing had frustrating long queue as if the people were queuing to buy fuel during fuel scarcity.
A bank official who spoke with one of the Arise News247 correspondents in Ikeja, Lagos State, anonymously asserted that even CBN could not make enough cash available for banks, “hence, banks are forced to depend on customers deposit just to service those withdrawing.” She also added that they were forced to advise customers not to withdraw above N20,000 so as to afford others the opportunity to get something small.
In Ekiti the queue was unnecessarily long and frustrating. While in Port Harcourt some bank customers were visibly angry as most banks visited appear to have little or no cash.
In the light of the above, Nigerians who could not access their money had to practice trade by barter to get their needs met. A woman was seen exchanging palm oil for tomatoes, while some exchanged rice for chicken or meat. It became a case of using what you have to get what you need since cash is not available.
Most of those engaging in trade by barter declined to speak with Arise News247 correspondents as they were so angry. The only one that responded said, “Don’t you people use your eyes to see that Nigeria has crashed completely? Please, let me be for now.” She angrily concluded.
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