Naira Scarcity: I Bought 40k With 70k — Paul Okoye Laments

Nigerian artist Paul Okoye of the P-Square music group has disclosed that he paid N70,000 to collect N40,000 amid the severe cash shortage afflicting the nation.

On Thursday, he announced this on his Instagram stories. He claimed that he had to purchase money to pay the visa fee at an embassy. Taking to his socials, he wrote,” Omoh!!! I buy money today!! Just because I have to pay for a certain visa fee in an embassy, and it has to be paid in cash. Joke apart, I bought 40k with 70k. Aahhhh!!!!!!!! Naija is breaking new records.”

Nigerians have been struggling with a lack of new naira notes, which has resulted in long lines at ATMs and banking institutions. Due to the lack of new naira notes, there have been protests in several areas of the nation.

For the usage of old naira notes, the Central Bank of Nigeria (CBN) had set a deadline of January 31; however, it was extended to February 10. Before the matter’s hearing on February 15, the supreme court on February 8 temporarily prevented the federal government from outlawing the use of the old naira notes as of February 10, 2023.

Emefiele persisted on the deadline despite the court’s directive. Confusion has resulted from the CBN governor’s attitude as gas stations, supermarkets, and other business owners have refused the old naira notes.

The top court postponed the hearing in the lawsuit against the CBN on its naira redesign program on Wednesday, February 22.