Things seem to fallen apart in Nigeria as economic transactions in the country are at an unprecedented low level.
It is woeful tales galore as most consumers lack the purchasing power to access the needed goods and services while the service-providers are in short supply of the needed funds to re-stock their places of commerce.
This followed the shortage of naira following the failure of a substantial number of commercial banks to dispense cash to the populace.
The slide in the quality of services is said to be aggravated by the poor handling of the phasing out of the old #1,000,#500 and #200 notes and the imposition of cash withdrawal limits of #500,000 and #20,000 on corporate and individual account holders respectively.
Our investigations showed that some commercial banks were under lock and key and managed to open for between two and three days of the week for skeletal services.
Hundreds of anxious customers arrive the commercial banks between 5 and 6 a.m. daily to be attended to.
Though the daily individual cash withdrawal is pegged at #20,000 , most commercial banks have failed to dispense cash to their customers, as they claimed not to have received money from the apex bank, the Central Bank of Nigeria(CBN).
The infrequent times that a few commercial banks have dispensed cash to their customers, the amount was usually between #4,000 and #10,000.
