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Valentine Approaches as Nigerians are Compelled to Prioritise, Save Due to Cash Crisis

By Chukwudi Nwauba :

Just as Valentine approaches Nigerians are compelled to prioritize, save due to cash crisis being experienced across the country.

Notwithstanding the efforts by the Central Bank of Nigeria (CBN) to monitor distribution of the new naira notes through its Banks’ Branch Spot-Checks on ATMs and many cash-starved citizens are worried the situation would impact negatively during the valentine’s day celebration.

So, for some time now, cash-starved citizens have experienced difficult times making cash withdrawals from their deposits with commercial banks, leading to protests and attacks on several bank facilities in the country.

All fingers points to the CBN and commercial banks over the poor circulation of the newly designed naira notes which led to a nation-wide monitoring exercise by the apex bank.

Although, the Banks’ Branch Spot-Checks on ATMs was carried out in collaboration with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC), in exercise of the CBN’s administration and control functions over the monetary and financial sector.

This action uncovered stacks of cash hoarded by the banks which they had deprived their customers of and led to the arrests of some bank staff.

But regardless of these measures and despite assurances from the regulator and the Supreme Court’s ruling, the situation has worsened as even Point of Sales (POS) operators are also unable to meet the demand for cash withdrawals, while over-the-counter and ATM withdrawals remain restricted to between N1000 – N5000 per day.

A recent report on the average amount spent on Valentine’s day gifts by individuals across different countries in 2021, Nigerians spent an average of 24 EUR (N11,295) on Valentine’s day.

The history of Valentine’s Day goes back to 3rd century Rome with the execution of a priest named Valentinus that is known today as St. Valentine.

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