According to the Entrepreneurng report, It is no longer new in the Nigerian economy how badly this cashless policy has affected so many traders and has brought a large decrease in sales in recent times. So many traders don’t have a bank account and even though they have no means of access to the money. This is so frustrating and hilarious.
Notwithstanding the Central Bank of Nigeria’s cashless policy, grain traders at suburban markets in the Federal Capital Territory are refusing electronic payments from clients.
This came into the limelight on Tuesday that the traders in the Nyanya, Karu, Mararaba, and Masaka Markets were not accepting electronic transactions.
The traders had claimed that they are purchasing the goods directly from rural farmers who do not engage in any kind of electronic financial activity.
Even though her clientele was shrinking, Nyanya Market vendor Mrs. Kadijat Ibrahim stated she would still only accept cash in exchange for her items.
I have a bank account, but I won’t accept such a way of transaction because I can’t additionally send money to the people I buy from. Yet, I am losing a lot of clients.
However, she further said that grains were bought from nearby farms and will have to pay them cash because they don’t use any type of electronic banking, hence I don’t accept transfers or Point of Sale transactions.
If you don’t have cash, the local farmers in the bush markets where we get our goods won’t sell their grains to you.
Meanwhile, at the Mararaba Market, Mr. Ismaila Abu, a grain merchant, stated that he does not accept any kind of electronic transactions for his commodities.
“I use a small amount of capital for my firm, and I wouldn’t want that money to be kept in any one bank.”
“I need to have access to cash so that I can buy the supplies I need to keep my business afloat.”
In addition, he said, I don’t have a bank account, but I am unable to go open one at this time. I’ll hold off till all of the bank tension is gone.
Nonetheless, Mr. Ayo Ade, a grain trader at the Garki Market, requested the CBN to provide cash to people running small companies so that sales may increase.
In conclusion, the president is also urged to appeal to the court orders for co-existing of new naira notes and old ones to ease the tension of money Scarcity In Nigeria.
Source: Punch
