As cash scarcity deepens across Nigeria, an alarming trend has emerged: the hawking of naira notes at exorbitant rates. Despite the Central Bank of Nigeria’s (CBN) repeated warnings, mint naira notes are being sold openly in markets and at events, fueling public frustration.

In Lagos, hawkers sell N20,000 for as much as N28,000, with similar practices reported in other cities like Abeokuta and Ibadan. Investigations reveal that some bank officials prioritize selling cash to middlemen, who then resell at inflated rates, often at parties or social gatherings. This shadow economy thrives while everyday Nigerians struggle to withdraw cash from banks.

The CBN has reiterated its commitment to penalizing banks involved in cash hoarding and diversion. However, the issue persists, with industry leaders condemning the malpractice and calling for tougher enforcement. Some attribute the problem to insufficient cash supply and restrictive monetary policies aimed at controlling inflation.

The hawking of naira notes highlights broader issues of economic inequality and systemic inefficiencies. Until decisive action is taken, the cycle of scarcity and exploitation may continue to burden Nigerians.

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