Outrage as cash crisis grounds business operations

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Uchenna Godfrey, a 30-year-old businessman, who owns a supermarket in the Ojodu area of Lagos, complained that he had lost a great deal of revenue in the last two weeks. He had been unable to pay some of his suppliers during this period because he could not lay his hands on cash. The naira scarcity that has raised social tensions across the country had made him shelve taking delivery of certain products pending when the situation would improve. This has caused his inventory to deplete significantly, resulting in a substantial drop in his profit during this period.

“Since I started this business, there is a particular set of suppliers that I pay with cash,” Godfrey said during a chat with our correspondent.

“Because the POS charges are very high now, many of my customers do not want to withdraw from the operators. They come to me because they believe that since I run a supermarket, I will have excess cash. So, they beg me to use my POS and take money from their accounts and give them cash. It is not easy for me, but I try to help those who are my loyal customers.”

Further down the road, not far from Godfrey’s supermarket, a distraught Chinonso Madueke, who also runs a super store toldthat his business recorded an all-time low in sales this week due to challenges associated with the current paucity of naira notes. Chinedu Anyaene, a Bolt driver, who also shared his frustration with our correspondent, did not hold back his criticism of the government’s inability to get a grip on the fuel and naira scarcity that has crippled his business lately.

 

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What sort of business in this 21st century is still tied to cash only transactions? Unless sachet water, akara, pap etc then I will understand but any midsize to large player in business sticking to cash only is either living in past or not telling us truth abt what it's in to.

This igbo man

GodwinIEmefiele - the face of the second worst, most inept, most callous and most insensitive person in Nigeria. An apple does not fall far from the tree so the number one position goes to ....

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