• Businesses grounded as Lagosians intensify search for new naira notes
By Lukman Olabiyi
Despite assurances by the Federal Government and Central Bank of Nigeria (CBN) to make the new naira notes available, Lagosians are still in pains, angry and frustrated. They claimed that even the Supreme Court pronouncement yesterday, restraining government from implementing the February 10 deadline has not helped matters.
The citizens are lamenting the acute shortage of cash in the banks, at ATM points and with Point of Sales (PoS) operators.
The currency scarcity also grounded businesses and increased unemployment due loss of jobs particularly those who in PoS service.
Hussein Olanrewaju, National Chief Aggregating Officer, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), said: “Over 80 per cent of our members have shut down operations due to the cash crunch.”
A PoS operator in Ikorodu, Mrs Rukayat Adetubo, said: “Many of my colleagues still operating do go extra mile to get cash from traders in Mile 12 Market. They pay prescribed percentage on every amount got.
“Our service charges are as a result of the pains and cost of getting cash from different sources. My business would have crashed if not for my other businesses which serve as sources of getting cash to run my PoS service.
A tailor at Idi-Araba, Mushin, Surajudeen Hazmat, said: “The current situation is not different from war, things are getting worse day by day. To get fuel to run my generator in shop, I struggled and paid extra cost to get cash again.
“I have been on queue to withdraw from the ATM since over three hours.
Initially, the ATM was dispensing and the maximum amount you can get is N10,000. These are even old banknotes.
“We were told that the cash was not enough again. That we could only withdraw N2,000. This was again reduced to N1,000. This is crazy.”
A trader, Mrs Adewale: “Things are not easy. What is the percentage of people who can use their phones to do transaction? It is only few who can do that. Even those people who are using their phones are not finding it easy because of poor banks’ network.
“On daily, customers come to our shop pleading with us to accept their phones as collateral for them to take goods pending the time they will able to source for cash to pay us. It is not funny.”
An old petty trader who identified herself as Grandma at Oshodi motor park, said: “Many people have become beggars, not because they don’t have money but because they no have cash at hand.
“How many traders will accept transfer to release their goods? And those accepting transfer are not receiving bank alert.”
An artisan, Olatunde Oyelodi, pleaded with government to have a re-think on the naira redesign: “It is having negative effects on the masses and the economy.”
An electronic dealer, Chibuzo Ude, Arena Market, Oshodi, said: “Since yesterday (Tuesday), I have not sold anything. Some of my customers will like to patronise me, but they always tell me that they don’t have cash. I had to borrow money from someone for my transport fare back home.”
Another trader, Mrs Blessing Okafor, sells electrical materials in the same market: “A lot of my customers bought goods on credit. I am yet to receive monies transferred to my bank account.”