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MACBAM is calling for the increase in the deadline for Pastoralists with no access to Banks have time to swap their money
Nigeria has been in a state of unrest since the redesign of some denominations of the nation's currency.
The general scarcity of naira notes, both old and new, has sparked protests across the country with citizens expressing their anguish in different ways.
Students in tertiary institutions across Nigeria are not left out in the struggle as they need money from virtually every schooling activity ranging from transportation, feeding, and payment of fees for different purposes.
AllNews Nigeria asked students of some tertiary institutions to share their experiences with naira withdrawal and its effect on their studies.
Their experiences are captured below:
"First of all, I have suffered a lot because I practically have to use cash every day.
"Let's even put the fact that I'm a student aside first, marketing is very annoying generally. I can't transfer N100/or N50 to transporters, that is not possible, so cash is very necessary.
"So, on Monday, I wanted to go to school and I had to use N200 to withdraw 1,000. Please, what's left of the N1,000, isn't it N800?
"I had already calculated my tfare to be a certain amount, I would eat and come back home from that same 1,000.
"If 200 is out of it, the money is finished, there's no money to do other things.
"At least, those are days you're able to get the cash. On some days, you will not even get the cash at all.
"Sometimes, you have the thought that "okay, I'm waking up to go to school in the morning" but you don't have cash.
"That on its own has dead your zeal to leave the house for that day.
"The other annoying thing is that people are now asking that you make transfers with the charges of the money they will use to withdraw.
"I want to buy something from you and you're asking me to make charges with the money you will use to withdraw it.
"If it is student to student or to a certain amount of learned people, a transfer is like the best thing that is going on right now because you can barely get cash.
"Most POS operators don't have 1k, they don't have N500, and they don't have N200, so they will pack N100 and N50 and give it to you. Those who have the new notes barely release them.
"I also heard, although I haven't experienced it, that they are saying your limit is N10,000 for a day.
It's someone who has money that will spend N10,000 'tho, but it is a very absurd policy.
"They should forget the people that are into bribery and corruption, it is affecting the whole country and it just keeps getting worse, and worse, and worse.'
-Tofunmi
"It's a long story. For weeks now, the highest denomination I have had with me is N200.
"The funny thing is whenever my roommate tells me an ATM is dispensing in school, I would stop whatever I'm doing and go to the bank, but whenever I get there, the next thing I hear is "cash has finished".
"The highest amount those who get the money the machine can withdraw is N5,000.
"How will you survive with 5, 000 in a week? You have to come to class, pay your tfare, pay for food, get manuals and every other thing.
"It's really affecting us in the areas of transportation, feeding, and even survival.
"You know, sometimes when you have money, you're so happy that at least there is a means for you to survive and you are good with it.
"Now, you can't get anything, even making transfers isn't helping.
-Temitope
"My experience with withdrawing cash for the past few weeks now has been bad.
"We now use more than 1,000 to withdraw 5k. Even if you agreed to withdraw at the price, the attendant would say there is no cash.
"I will have to go to 10 different places before I can withdraw or the attendant should tell you they can’t give you more than 2k.
"I now have to manage money because withdrawing is hard.
"Half of the money you want to withdraw is the charges. We cannot wait for this time to pass."
-Yetunde
"My experience has not been a very good one.
"Although, in a way, it has helped me save money, nevertheless, I've had to fast and trek long distances because of the lack of cash.
"By the way, I'm currently on my IT, so I have to go to work for IT from school.
"My school is at Akoka and I have to go down to Ilasa, so getting money for transport has been a lot.
"Like I said, I've had times when I had to go hungry, and times when I had to trek to make up for the amount I had.
"Then outrageous charges to get cash from POS as going to the bank is not feasible.
"Looking at the timing of my work and all of those things, having to queue is not feasible.
"Another thing I do is beg friends to withdraw in excess whenever they get to do that so I can get out the money they withdrew.
"That has been my experience so far, it has not been so far. Hopefully, this phase ends soon."
-Oluwafemi
“My first experience was on the 31st of January when I went to withdraw money from the POS operator.
“To my utmost surprise, N4,500 that I would withdraw on a normal day for N100, that day I was told it was N500.
“I was shocked. I just felt, ‘Okay, this person wants to use me to cash out today. And I went to the ATM and I saw people looking so frustrated and tired.
“There hadn’t been any cash in the ATM since morning. As I moved on to the next POS, I found out that the charge was getting more outrageous. until I saw the one that was N200 for N4,500.
“That was even a good experience because as the days went by, things got worse.
“Saturday, February 4, 2023, was the second experience I had because after the experience on the 31st, I started to avoid any form of withdrawal.
“I started doing everything with transfers. But at some point, you’ll still need cash for certain things.
“So, I had to withdraw on Saturday. For the sum of N9,500, the charge was N1,800.
“If you’re withdrawing your last cash of N1,000, don’t even bother. You can’t even use it for any good thing cos they would take like half of it.
“Today, Tuesday, February 7, 2023, it’s gotten worse. Now, I had to withdraw N11,000 and the charge that was taken from me was N2,200.
“In fact, the first place I went to, I was told that the charge was N3,300.
“If I withdraw N11,000 and they take N3,300, how much will I have left with me? What if it’s school fees I want to pay or something?
“I had to keep moving under the hot sun looking for the next POS that would be cheaper until I saw the one of N2,200, which was the cheapest.
“I just had to use it so that I won’t be stranded.
“In fact, the situation is deadly. I don’t know the word to use because students are frustrated.
“You can’t even say you’re entering the bank. You can imagine, I have a friend that went to withdraw from the bank and what she was given? N1,000.
“They said that was the highest amount that could be given to her. So, it’s like there’s no way out of it. We’re just stuck.”
-Goodness
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