How Banks Are Systematically Devaluing The Naira

It is the same old complain that systematically killed coins and other smaller denominations that has started affecting the N500 notes. This is because attempts by bank customers to withdraw N500 notes from many banks’ ATM machines are met with only the availability of N1,000 notes.
DataMania Consult Limited, publishers of BusinessSense investigations reveal that small income earners are increasingly finding it difficult to cash amounts like N5,500.
The grouse of the small income earners is that, whenever they have a balance of about N2,650, it is difficult to withdraw N2,500, forcing them to leave N650 for the banks to continue all manner of deductions. By the end of the month, the small N650 would have reduced to something less than N500, making the bank customer inaccessible to his/her money.
Attempts to find out the reason of non-availability of N500 notes from banks’ officials got the same old reason why they have ‘refused’ to give customers coins in the past.
In some occasions, the bank official would sneer at one for ‘being too poor to demand for a meager N500 notes’.
In most developed countries in the world coins are part of their every day living, and in some cases, residents in advanced countries will find it difficult to do cash transactions on daily basis without coins.
But in Nigeria, residents (many pretenders) tends to continue without complaints.
Analysts at DataMania Consult traced part of the resultant effect to inflationary trend in the prices of goods and commodities.
What would have been sold for N586, will automatically jump to N600, thus impacting negatively on consumers.

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