By Samson Adeyanju
As Nigeria faces an acute scarcity of Naira notes and a struggling e-banking system, citizens experience what some are calling the “Darkest and Most Difficult Christmas in History.”
Engr Ikenna Okonkwo, FNSE, FNIEE, FNIMMME, a prominent figure in Abuja, sheds light on the crisis and raises pressing questions about the root causes.
Major banks, including GTB and Heritage, are limiting cash withdrawals, with GTB capping at N10,000 and Heritage managing N20,000 on CBN allocation days in the Federal Capital Territory.
Speculations abound regarding the reasons behind this scarcity, ranging from CBN’s efforts to stabilize the Naira to the withdrawal of old notes without printing new ones or panic withdrawals due to a now-overturned December 31, 2023 deadline.
The impact of this financial turmoil is felt most acutely during the holiday season. The Igbo community, traditionally mobile during Christmas, faces unprecedented challenges in travel due to exorbitant transportation costs.
Engr Ikenna Okonkwo highlights the staggering expense of a trip from Abuja to various Igbo cities, raising concerns about how civil servants, particularly those with modest incomes, will manage.
The economic strain extends beyond travel, with fuel prices soaring to N660 per liter. This compounds the financial burden on citizens, leading to questions about job retention and the ability of individuals to cope with the challenging economic conditions.
His observations on the ground, such as the absence of usual holiday travelers at busy junctions, paint a vivid picture of the economic challenges faced by Nigerians. The plight of low-wage workers, exemplified by the monthly struggles of office cleaners surviving on N30,000, raises alarms about the sustainability of current economic conditions.
As Nigeria grapples with this financial crisis during the holiday season, calls for solidarity and compassion resonate. The plea for citizens to be their “Brothers Keeper” echoes amid the hardships, with hopes that collective efforts will pave the way for a more stable and prosperous future.
