Scarcity: Traders urge CBN to in­ject lower Naira notes

Daily Trust - - NEWS -

Some traders in La­gos yes­ter­day ap­pealed to the Cen­tral Bank of Nigeria (CBN) to ease their trans­ac­tions with cus­tomers by in­ject­ing ad­e­quate lower de­nom­i­na­tion Naira Notes into the sys­tem.

The traders, in sep­a­rate in­ter­views with the News Agency of Nigeria (NAN) in La­gos, said dearth of lower Naira notes was af­fect­ing the vol­ume of their busi­ness ac­tiv­i­ties.

A stall owner at Ay­obo mar­ket, Mrs Ay­isat Bello said that the ma­jor prob­lem she had been fac­ing in the last three months was dearth of lower de­nom­i­na­tion notes.

“All I get from my cus­tomers are N1000, N500 notes, even when they buy lit­tle things like soap and bis­cuits.

“Get­ting ‘change’ is a headache be­cause I don’t have enough lower de­nom­i­na­tion cur­rency notes. My busi­ness is re­ally be­ing af­fected, “she com­plained.

A gro­cer at Iyana -Ipaja, Mrs Ada Nwachukwu, said she had to turn down cus­tomers many times be­cause there was no ‘change’ to give them.

“Hon­estly, it is painful that I turn down cus­tomers be­cause of this prob­lem. Cus­tomers bring N1000 to pur­chase N100 worth of items and you search your purse, only to be see­ing higher de­nom­i­na­tion notes.

`` You ask your fel­low traders for ‘change’ and they com­plain of the same prob­lem”, she said.

Nwachukwu urged the govern­ment (CBN) to do some­thing about their predica­ment by in­ject­ing enough lower de­nom­i­na­tion notes into the sys­tem.

A trader in Agege, Mrs Pe­cu­liar Adetu, said she was forced to re­sort to buy­ing lower de­nom­i­na­tion notes at the mo­tor park to ad­dress the prob­lem.

She said though the idea had helped, it made her in­cur additional cost that re­duced her profit mar­gin. (NAN)

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