Some traders who sell food items and perishable agricultural produce in Nigeria’s capital city have lamented the losses they incurred due to the scarcity of naira notes in the country., the traders explained how they have recorded losses in their businesses in recent time as customers face difficulties accessing cash to buy food items.
Multiple interviews with traders in the market showed that in recent weeks, many of them have had to slash the prices of their goods in order to minimise losses due to poor patronage. However, since the policy took effect, the scarcity of both the old and new naira notes has affected a lot of businesses in the country.
“During this period, my goods spoil every day because I don’t sell much and people are not buying. Like these tomatoes, before tomorrow morning, many of them will spoil. Look at the floor, those ones spoiled yesterday, I separated them this morning,” he said.
“If I want to explain how it affects me, I will cry. You see this car, the owner of the car brought me back from where I bought yam now, what is keeping him now is money, he said he does not collect transfers, so currently, I’m looking for cash to give him. He said if he collects cash transfers now and they will charge him N1500 for N5000, what will be his gain? So the man said he will not collect. He has been here for more than one hour, he just left now for the mosque for prayers.
In a national broadcast on Thursday, President Muhammadu Buhari directed the central bank to ensure the circulation of the old 200 naira notes to ease trade and business transactions.