Traders, buyers adopt online cash transfer as naira scarcity lingers

News Agency Of Nigeria

February 4, 2023 5:55 PM

Most traders and buyers have resorted to the use of online cash transfers because of the shortage of cash in the system following the Federal Government’s directive on Naira cash flow that has made the nation’s legal tender to be short in supply.

Traders, buyers adopt online cash transfer as naira scarcity lingers. [reuters]

The News Agency of Nigeria (NAN) correspondent visits to some Lagos Markets on Saturday showed that most traders and customers did their transactions through online cash transfers.

While expressing worries over the lingering cash shortage, they said that cash transfer is now convenient instead of the endless wait in banks to collect cash.

The News Agency of Nigeria (NAN) reports that the way commercial banks are releasing cash as directed by the Central Bank of Nigeria (CBN) following the redesign of 1,000, N500 and N200 Naira notes, has caused hardship to people.

It reports that the Federal Government has said the hardship was temporal as it was meant to revamp the economy.

At the Iyanoba food stuff market, items such as oranges, plantain, yams and vegetables were sold through phone cash transfers.

Mr Isa Ibrahim, an Inter-State Produce dealer, said that the cash shortage had made people embrace cashless means of transaction.

Ibrahim, who brought yams from Lafia, Nasarawa, to Lagos, said the new trading trend is convenient.

According to him, it removes the burden and risk of carrying cash.

“Now that people are getting used to trading without the cash, it is important the authorities advance the service network so that people do not get disappointed,” he said.

Mrs Harriet Otuonye, tool and hardware seller at the Lagos International Trade Fair Complex market, said that most of her customers in the last two weeks hardly come with cash to purchase goods because of the scarcity of cash.

“It has added a new trend in the social-economic life of the people. It’s a plus to the way of doing business, as it will eliminate issues of fake money in trading and manhandling and mutilation of currency notes, especially by market women,” she said.

Mrs Jane Akuro, a school teacher, said that she felt fine making her purchases with online transfers.

She said that the security it portends was enormous.

“It will drastically reduce incidents of robbery because when robbers see that people do not carry cash, attacking them for money would be discouraged.

“Today I have made several purchases without handling cash.

“It’s a pity government has to force people to adopt to this system. With time, everyone will be used to it,” she said.

News Agency Of Nigeria