Nigerian’s Groan the Scarcity Of New Naira Note And Fuel Scarcity In The Country And They Go Up With Some Ideas That Can Cause The Two Problem Facing The Nigerians, And The Business Down Fall.
According to business, time to time investigation, several petrol stations across lagos have product but an inability to affect payment due to high volume of failed bank transfer and shortage of new naira note, has seen many machine using fuel trapped in long queues.
Following Central Bank Of Nigeria (CBN)directive that old higher denomination of #1000, #500 and #200 should be withdrawn from circulation and returned the same to the Apex bank after to redesigned this country currencies, scarcity of the new currencies is adding to the worries as fuel station refuse collection of old currencies.
Upon the assurance of NNPP for adequate supply, long fuel queues are still experienced in Nigeria’s major cities as station with production are now facing a new challenge of naira SCARCITY.
The people called the governor of Central Bank Of Nigeria CBN to release old currency for the people so they will be able to go and vote for the election coming up.
However president MUHAMADU BUHARI has told the Central Bank Of Nigeria (CBN) to release the old #200 currency that they change because the people are not feeling okay till april,10,2023 before it stop being legal tender.
He said all the old #1000 and #500 note are still redeemable at the CBN branch in every state. Some said that it’s no longer fuel scarcity but paying for fuel bought that is leading to the recent queues in the town “my friend was my saying grace I’d gone back home without fuel and cash”they said
On the back of cash, POS failed, businessday check that some of the fuel stations at Nigeria private station have shutdown their fuel pump.”sales are greately down and it’s affecting the business. We can not take the old currency and the POS is not dependable.
They said that the situation will get better if the POS platform is table and there is circulation of new currency.
However there have been complaints of fuel station intentionally shutting down the uses of POS to avoid 419 expliotation .They now add #50 on sales made and refuse to give value for money.
They said the regulator should look into the matter as its adding to the problem faced by the residents of the country.
NAME:ONIFADE IFEOLUWA EMMANUEL
MAT NO:IUP/ND/21/MC/146
COURSE TITLE: FEATURE WRITING
25/02/2023
