By Kelechi Esogwa-Amadi
It is no longer news that the scarcity of naira caused by the central bank of Nigeria’s redesign/cash swap policy has thrown the nation’s poor masses into unprecedented suffering.
In Rivers State, including Port Harcourt – the capital – the story is not different, as many poor residents are now finding it difficult to eat. The case is worsened by the fact that not all of them have bank accounts.
Moreover, those who have bank accounts are not better off as cash is no where to be found, making them feel the pain more that they have money in the bank and yet cannot collect it.
The bank automated teller machines (ATMs) have not been paying money for close to two weeks now as banks claim they have no money. The only transaction going on at the ATMs at this period is transfer of money.
The few banks paying money to their customers at the counter do not pay beyond ten thousand naira.
TPCN checks revealed that on Friday and Saturday, 17th and 18th February, 2023, Zenith Bank was the only bank paying its customers within the Rumuokwuta and Aba Road axis of Port Harcourt.
But while the zonal headquarters of Zenith Bank at GRA Junction adjacent Mummy B road was paying a maximum of N10,000 to its customers who formed two long queues, the other small branch of Zenith at the same GRA Junction directly opposite the zonal branch paid N5,000 to its customers.
The other banks at GRA Junction, such as Eco, Union and GTB banks were not paying.
At the Union Bank branch inside the Manuchim Chambers Complex at GRA Junction, people were seen waiting helplessly in front of the bank, some standing while others were sitting on either the floor or the pavement of the building.
When asked why they were not allowed to go in, one of the customers, a middle-aged woman, said the bank officials told them there was no network.
But when TPCN asked one of the bank staff who later came out why they were not paying money to their customers, he replied: “There’s no network and besides, we don’t have money.”
Our checks further revealed that some banks are paying a maximum of N2000 or N3000 naira across the counter, irrespective of how much a customer wants to withdraw. When confronted by customers, the response remains the same: “No money.”
Sharing her painful experience over this situation, a very distraught house wife, Gloria Uwom, told TPCN on Saturday in Port Harcourt: “I came from Igbo Etche where we live to see if I can withdraw some money from my bank. For two days na only garri we dey drink for house, no money anywhere, even POS people say they no get. I came very early so that I can collect at least N10,000.
“But after everything, na only N2000 they give me. I complain, shout, tell them say na from Igbo Etche I come, they tell me say they no get money, say the small one they have they’re trying to make sure it reaches every customer.
“I started crying there, because I know that the money will not reach anywhere. So, they now begged me, that it is not their fault and that I should come the next day in the morning to collect another N2000.
“That’s why I never go back. I slept in my sister’s house and called my customer that sells foodstuff to give my children rice to cook and when I return today I’ll pay her. This thing they’re doing to us, only God go judge all of us.”
While the masses continue to lament over the scarcity of cash, the point of sale (POS) operators expected to provide some succour as alternative cash withdrawal sources are rather taking undue advantage of the situation by capitalizing on it to extort their customers.
They now charge between 25 and 35% for every cash being withdrawn if it is old money. For new money, some charge as much as 40% as commission. A POS operator at the Mgbuoba axis of NTA Road, Port Harcourt, is reported to be charging a whooping 50% for any new money he’s paying to customers.
Revealing this to TPCN, a lady who said she stays at Mgbuoba, narrated: “Those people have a shop where they sell foodstuff and other things. And they’re also doing POS. Before Buhari made that speech, any money you want to withdraw there, they will tell you that if you want to collect old money like N5000, you will give them N1,500 and if it’s new money they will take N2500, half of your money. That’s what they were doing. Even if you beg them, no way, very wicked people, no conscience.”
The unbearable hardship resulted in protests in some parts of Port Harcourt on Thursday and Friday. Although hoodlums reportedly hijacked some of the protests later, prompting the police to swing into action to quell the unrest, there are fears that more civil unrests might not be totally ruled out in the coming days if the suffering of the masses is not ameliorated fast.
