Most times whenever a country ventures into changing its currency it throws up many challenges and hiccups.

However, one of the most captivating scenarios one witnessed happened last Wednesday afternoon at one of the foremost banks located on Allen Avenue, Ikeja, in highbrow Lagos.

Many customers were in the banking hall, majority of them had come to withdraw money, while some had come to deposit old notes with some doing transfers. The Automated Teller Machines [ATM] since the past few weeks of this Naira redesign saga have not been dispensing enough money. This has however resulted in the banking hall being jam packed with customers.

A woman of about 76years suddenly started wailing. Surprised bank customers rallied round her to find out what was ailing her and she said she was very hungry as she had not eaten any food since the previous night as she had no cash on her.

Apparently miffed by what she described as inhuman treatment, she recalled that “Just last week I deposited all my money in cash totally N120,000 into my account as it was widely broadcasted that old money will cease being a legal tender by January 31st. Had I known I would have kept the money with me.

“Look at me now, I have only N100. What can it do for an old woman like me? I was in this bank on Monday and they said there was no money. Today I had to trek from my house at Radio bus stop Alausa to this bank and they are telling me again that I cannot withdraw any money. Why did they tell us to deposit all our money when we cannot withdraw the money,” she cried.

Listening to the pathetic women, many customers got infuriated and started threatening the bank staff to pay them or have their entrance doors barricaded. One of the bank customers rushed out and came back with plastic bottles of Fanta and water and egg role and offered the old woman.

Many of the angry customers stormed into the manager’s office requesting to be paid or disrupt banking operations. At that the embattled female manager said the bank could only pay N2,000 to each customers.

“What will N2,000 do for me? I have a family of eleven persons. Why did you open the bank if you know you cannot cater for customers? Just close the bank so that customers will have no need to approach here.

“I have N5.2million in my account and I want to close it now and take all my money,” cried another elderly woman who had a large cloth bag tied round her waist.

As she continued making her demands in raised voice speaking in both Yoruba and staccato English, a male staff of the bank walked up to her, gently explaining to her that it was not the manager’s fault that the bank had no money that it was rather the government’s fault but that in due course that she will get all her money.

Looking at the male staff suspiciously, she said okay that the bank should give her N500,000 from her money.

Another man in the banking hall was bemoaning what he called his stupidity. “My Hausa friends bury their money inside the ground, none of them go to bank. If I had listened to them, I will not be in this situation now.”

Majority of us have seen the video of where an Access Bank female customer was removing her clothes in the banking hall and threatening to go stark naked if the bank does not make her money available to her.

At other banks including Zennith, UBA, First bank, Access, GTB etcetera the story was just the same.

Being starved of cash many consumers and traders have also resorted to trade by barter. Currently, at the time of filing in this report, at the Ileapo market Abule Egba, traders were engaging in trade by barter.

Alhaji Dogara a yam seller said few customers were coming with cash and he was not ready to part with the little cash in his hand. Fortunately some of the meat sellers wanted yam and he wanted meat so they worked it out and he was given meat while he gave out yams.

The same applies to other traders. “This government is taking us back to the dark age where trade by barter was the norm,” fumed Tunde Opeyemi, another trader at Ilepo market. “Yesterday, I exchanged beans and garri for soup condiments.”

Restaurants are not left out in the trade by barter. Mrs. Ikoro of Calabar Pot in Ikeja said that those supplying her with raw food stuff have been eating in exchange for their money. “The ones I can pay through my bank card I pay, the ones I cannot, I tell them to exercise patience as I have limited cash.”

Consumers are not getting relief even from the private Point Of Sale [POS] operators as they are taking undue advantage of the situation. Ordinarily they were charging N100 for N5,000.00 but now some of them charge as high as N1,000 for N5,000.00. Mr. David Ogbonnaya said they have to charge extra because they make extra efforts to get the money from banks.

“I pay fuel station attendants for this money and whatever I spend to acquire it must be passed on to those who come to withdraw the money,” said Mama Ibeji another POS operator.

In 2016, India with 1.3 billion people, changed its currency notes and heaven didn’t fall. The transition from the old notes to new ones happened but not without tension, apprehension, debates and criticisms by the political class.

Incidentally, in India it was also close to a crucial general election. The opposition alleged it was aimed at starving them of access to funds. But the exercise went on as expected.

Before the extension on Sunday to February 10, some Abuja residents expressed anxiety and anger over the January 31 deadline.

Others, especially the POS operators, were making brisk business from those desperate to have cash at hand. Innocent Michael, an entertainment director, was almost left stranded.

He ran out of cash to pay vendors who were providing various services for his scheduled event last Saturday.

They would not accept old Naira notes or settle for bank transfers: “I left my house at 7am for the bank and met like 80 people. But as I am talking to you now, this is 1pm, there are close to 200 people who are there either to change their old notes or withdraw from the ATM.

“I didn’t have money on me and they would not accept transfers. Buying food has been an issue. Those not taking transfers said if you do not have new notes they would not give you anything. It’s been terribly crazy,” lamented Chineye Joseph.

Speaking Miss Joseph said, “I join other frustrated Nigerians to ask government to extend the deadline and then carry out enlightenment campaigns. Many people don’t understand how this works. They should bring a task force to ensure banks compile and release the new notes to Nigerians.”

Mrs Comfort Okafor was at Fidelity Bank ATM, Karu, at about 8:20am on Saturday: “I was shocked when I came to the bank and saw the crowd already waiting for the ATM to be loaded with the new naira notes.