Nigeria suffered through the cash crunch brought on by the government’s decision to phase out the old Naira bills. A decision which has since been rescinded or at least delayed.
This delay, however, did not put cash back into the hands of the everyday individuals who need it for day-to-day activities. Many banks nationwide have complained of the limited supply of money from CBN and have had to ration out their little reserves.
CBN has urged Nigerians to embrace alternative payment methods to alleviate the effects of the financial crisis. Payment methods include using bank ussd codes and online banking.
Many citizens have, however, complained about this mode of payment as it comes with its batch of problems, like hanging transactions that do not go where they are sent or revert to the original account. So far, it’s the best option Nigerians have.
