Sometime In September, 2022, information reached the masses in Nigeria to deposit their old Naira notes into banks as there would soon be a barn on the use of the old Naira notes.
In January, 2022, most people began depositing their old Naira notes into different bank accounts for fear of not being able to spend same upon being in possession when it is formally declared illegal.
In February, 2022, the Federal Government declared old Naira notes as illegal while the new Naira notes were declared legal tender.
The currencies which were changed at the same time were the 200 Naira note, 500 Naira note, and 1,000 Naira note.
Everyone hurried to Banks and deposited old Naira notes which they had in their possession with a belief that the new Naira notes will be disseminated appropriately.
Whosoever that was still in possession of the old currency could not spend it, as everyone, establishments and business places, had ceased carrying out any form of transactions with the old currency.
The New currencies were not being circulated in the entire Country and people become really frustrated and even suffered from starvation and inability to take care of bills.
Hospitals rejected the old notes from all kinds of patients and requested for payments in the new Naira notes and by the way this was pay before service.
Most establishments including hospitals declined options of electronic transfer of money from ones account to theirs, but needed payments made strictly by cash and new Naira notes.
Students who lived outside campus found it hard to get themselves to lecture Halls on time.
Prizes of fuel and other commodities skyrocketed but there was no cash to purchase things.
People began trekking long distances to different places because of lack of transport fare.
people and myself included found difficulty in moving about or even buy from the market, because the New currency was nowhere to be found and many Banking platforms went dead.
suddenly only the very rich and influential were found with few of the new Naira notes.
Little by little, the new Naira notes began to get into the hands of most business men and women.
In March, 2023, the currency was being sold to the general public. How? only very few POS operators were able to get hold of the new Notes.
Being that Banks ATM are currently empty of cash, this POS operators purchased the currency from business places like fuel stations and Supermarkets and inturn sell a thousand Naira (N1,000) at 400 Naira or at most 500 Naira, so for instance, in a bid to get 3,000 Naira for foodstuffs at the market, you need to pay an additional 1,200 Naira making it N4,200.
In a situation where one has only 3,000 Naira in the Bank account, the person will be left with 1,800 after the sum of 1,200 has been deducted.
At some points this POS attendants were being arrested by cops for selling of the new currencies.
Meanwhile, Nigerians hope the current situation comes to an end.