The Gendered Impact of Naira Shortage: How Women are Disproportionately Affected

Well, well, well, looks like our cash shortage problem is getting worse by the day!

Following the introduction of the new notes, the Central Bank of Nigeria had issued a deadline - February 10th?for legal tender status of the old N200, N500 and N1000 notes and boy, did they mean it!

Since the deadline passed, we've been left high and dry, scrambling for cash like it's going out of style. It's been weeks and we're still feeling the sting. From exorbitant POS charges, to failed transactions and long queues at the banks, to fights breaking out on queues and even attempts by citizens to jump into banks, Nigerians have been hit with a severe cash scarcity which has lingered on for weeks on end.

One might wonder why the new currency is not readily in circulation and available as physical cash. While some have accused banks of hoarding the notes, others claim it is a ploy by CBN to force Nigerians to go cashless. Some others have also tied the cause of this crisis to factors such as corruption, counterfeiting operations, and even the general elections.

The bottom line, Nigerians are NOT HAPPY!

As an alternative, more Nigerians have resorted to using online transfers, POS terminals and other fin-tech solutions and even these have led to another range of issues.?

• Online banking platforms have received such a huge user load that the apps keep failing.
• Transactions are not instant which has become the backbone of so many public fights in Lagos.
• Some establishments and less formal structures such as markets have insisted on cash as their means of transaction.

What does this mean for women?

The scarcity of cash notes in Nigeria has had particularly significant impacts on women. From difficulties in commuting to and from work, to home-keeping, this period has been particularly exhausting for women as many have had to forgo their own wants and needs in order to provide for their families. In this time of scarcity, women may be forced to make challenging choices about how to divide scarce resources, how much money to spend on housing, food, healthcare, or education. Here are some ways the cash scarcity can adversely affect women in our society.

1. Higher risk of domestic violence: The cash scarcity can increase stress levels and contribute to tensions within households. Women may be at higher risk of domestic violence when money is tight, as financial stress can exacerbate existing conflicts and make it harder for women to leave abusive relationships.
2. Payment of healthcare fees: There have been instances where patients have not been able to leave hospitals where they received care as monies transferred through online channels did not reflect in the hospitals' account.
3. Home-keeping: Women now have to endure long queues at banks to be able to provide meals for their families. Also in instances where women patronise vendors and pay electronically, they are subjected to long waits at shops, malls and markets till the vendors receive transferred funds. i.e If it takes 3 hours for the transfer to reflect....
4. Sexual Exploitation: Women and young girls who already struggle financially are now more than ever at risk of gender-based violence through sexual exploitation.
5. Women with disabilities: Women with disabilities who have challenges with mobility are at a disadvantage this period as moving around town to source for cash may be a difficulty for them. Also, persons with disabilities who rely on caregivers for support may be left unaided as their caregivers may also be facing the brunt of the scarcity at hand.

We spoke to a few women and they narrated different challenges they've had to face since the Naira shortage began;

I'm really tired of this cash issue. Going to work has been a nightmare! I had to beg my meat seller over the weekend to give me some cash and I transferred to him just so I would be able to go to work this week.

Right now, I am not even sure where my bus fare for next week will come from! - Kemi, 26

The question now is, is this our new normal? How long will this last??

Have you had any challenges since the new naira notes were introduced? Tell us in the comment section.