UPDATE-1: Naira redesign: Cash crunch punctures valentine’s mood

The Valentine’s season, the acclaimed global celebration of love, which comes up on February 14 every year, is losing its verve, splash and colour this year in Nigeria, following on the acute shortage of cash brought on by the ongoing cash swap exercise.

The cash swap follows the introduction of new N1,000, N500 and N200 denominations of currency notes by the Central Bank of Nigeria (CBN) and the unprecedented bottlenecks and difficulties trailing the exchange of old notes for new ones.

This in itself has seen banking halls and Automated Teller Machines (ATMs) consistently running out of cash, leading to the emergence of a naira black market which has seen the naira attracting illicit commissions of as much as N2,000 for the withdrawal of N10,000, while prices of goods and services spiral upwards.

The introduction of new currency notes, the Central Bank of Nigeria (CBN) says is among other things, aimed at promoting financial inclusion; preventing the inducement of voters in elections; tackling corruption and money laundering and checking hostage-taking for cash.

Lovebirds and would-be sweethearts are on the verge of losing their long-nursed relationships or the hopes and dreams of getting acquainted because of their inability to meet the financial demands associated with the Valentine’s Day celebration.

St. Valentine’s day is typically celebrated by young people and the not-so-young by getting adorned in some red coloured garments. This could be a hat, scarf, shirt, trousers, skirt or shoes, or even goggles.

There is also the exchange of gifts such as electronic cards, perfumes, clothes, phones, shoes, flowers and clothing, decked in red, the signature colour of the celebration. Social outings by couples to eateries, beaches, amusement parks, museums, scenic sites and other fun spots, also commonly mark the day.

These love protocols cost money though, and cash at this time is hard to come by, even when you have money in the bank.

“To be honest with you, it is going to be very hard celebrating Valentine’s day this year. Even thinking of Valentine is very difficult because of the problems of the naira and fuel scarcity we are facing now”, said Toyin Oluwa a young middle-class Nigerian in Benin.

For her part, Patricia Friday says: “Fuel prices are high, money is hard to get. All these have increased prices of other goods and services, including intra and inter-state transportation. So, my mind is off the issue of Valentine, not to talk of even celebrating it”.

“Last year, the celebration was better, I went out with my loved ones, and we had a nice time. There was money and fuel, so we didn’t find it difficult to celebrate despite the issue of insecurity here and there. I want to use this opportunity to appeal to the Federal Government to revise this currency policy to make life easier for the common man. Government and banks should allow people to access their money freely in the banks for now”, Innocent lamented.

Also, from the celebrity side, some Nigerian artists took to their social media handles to talk about how the naira redesign stopped some of their shows and activities, against having regular shows like they did last year and has made some of them not organize a show for this Valentine’s season.

Some relationships could be affected, because either partner may not be able to buy Valentine’s gifts for the other party.

Historical and scenic places to visit in Benin City include the Oba’s Palace, the Benin National Museum, the Benin Moat, the Holy Aruosa Cathedral, the Okomu National Park and the Ogba Zoo.

Different replies by people on Instablog

XOXO
Replying to
@instablog9ja
Never knew I loved my phone so much till today What a companion

Damilade
Replying to
@instablog9ja
It’s just going like every other day

Bhadmus Blessing
Replying to
@instablog9ja
E no go anywhere o, I dey house fey chop spag. No messages, no call no gift. I fon tire

Mimiyoungboss
Replying to
@instablog9ja
Honestly not too good seems like I have been forgotten by everyone no calls nothing worst part no light

Godwin Michael
Replying to
@instablog9ja
We still Dey look maybe b4 evening things go change

Deila Williams
Replying to
@instablog9ja
On lowkey

Oluwa Loni Glory
Replying to
@instablog9ja
No food for house

Lucas Taiwo Mikano Bobo
Replying to
@instablog9ja
Better pepper Valentine’s Or Premium shege

Ken Saro-wiwa
Replying to
@instablog9ja
No cash

Ade Tiger
Replying to
@instablog9ja
Wait let me finish drinking this garri

Olode
Replying to
@instablog9ja
My own valentine never start I still dey wait till 9pm

Bismark
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@instablog9ja

What is Valentine?