New Naira Note Scarcity: Smart Ways To Avoid Losing Money

It is not funny any more for many Nigerians that they have money but are unable to use it. The naira note scarcity is persisting.

The other day, I was forced to pay ₦600 as charges to a Point Of Sale (POS) operator to get ₦5000 Naira.

Some persons get stranded without transport fare to work because they could not get cash anywhere.

Unfortunately, people have lost jobs, appointments, contracts and even lives, as the frustration to get Naira notes becomes intense.

The Central Bank of Nigeria announced a redesign of the Naira notes on October 26, 2022.

Mr. Godwin Emefiele gave a directive that citizens should submit old notes in their possession to commercial banks on or before January 31, 2023.

Although that deadline was extended, Nigerians are currently finding it tough to adjust to the limitations that accessing the new naira notes, come with.

The ease of transaction they once enjoy is now a luxury.

Also read: New Naira Notes Scarcity: See The Bank EFCC Raided

New Naira: Why POS Operators May Peg Withdrawal At ₦10,000

In search of a solution people resort to visiting malls, but the clog of transactions is now making people lose money and time.

What To Do To Avoid Losing Money

At hospitals, paying for services that could save a life is now difficult.

One of the things you should guard against in this season is losing your hard earned money.

Here are some ways to avoid losing money or getting stranded, as the naira note scarcity persists.

1.    Make The Bank Security Your Friend   

You see the security personnel in that bank closest to you, he should be your friend now.

Approach the bank security personnel around you politely, ask for his phone number and enquire about likely time the ATM’s will be loaded with cash.

When you get the opportunity, withdraw as much as you can.

2.   Install More Apps

You see, making transfer is becoming more difficult because the system is experiencing a clog. They are getting a deluge of requests and the system on ground is not able to accommodate it.

Get apps for all your bank accounts and switch where necessary. It is best you have two or three of them for ease of payments in case one isn’t working. 

3.   Get A POS Machine

If you run a business, get a POS machine or accessible bank account(s). This way, you won’t lose customers who can only pay with transfers if they don’t have cash. 

4.    Embrace Full Money Transfer System

As much as you can, make most of your payments with transfers.

Only use cash where necessary like transportation and petty purchases.

This will help you maximise the little cash you may have and survive the naira note scarcity. 

No one knows the days ahead and how things would turn out.