By Kamsi Anayo
Businesses and the daily activities of Nigerians have been badly affected by the worsening scarcity of old and new Naira notes across the country.
The scarcity of the Naira, which has persisted for weeks, has radically altered the economic landscape of businesses, the living conditions of the people and small business operators.
As the scarcity persisted, the Central Bank of Nigeria (CBN) confirmed the arrest of some bank managers in connection with hoarding the redesigned Naira notes. The apex bank also advised bank customers to save their old naira notes through POS-super agents by opening savings accounts.
In Onitsha, the commercial hub of Anambra state, traders and other residents on daily basis abandoned other activities except going to banks to look for money, which was not readily available.
At the Access Bank PLC, New Market, Road, Onitsha, officials of the financial institution refused to give out money to their customers insisting that its staff take money first using the ATM before making to open for customers.
One of the bank’s officials openly told customers that it has about 16 branches within Onitsha alone and what they received on daily basis from headquarters is not always enough to go round.
“Our workers are human beings and just like our customers’ shares the same pain of the present cashless situation.
“We tried having understanding with the customers to give our workers few moment to collect money with their ATM and going back to work to serve them better,” he said.
Findings by the Network also showed that the most vulnerable groups, roadside businesses and hawkers, were the worst hit by the cash scarcity. They expressed anxiety and frustrations over low customer traffic and patronage linked to the development.
It was also observed that some traders in Onitsha and environs hardly use ATMs in fear of being swindled and are adversely affected by the cashless economy.
Mr Johnson Ifeatu, who sells wares at the Onitsha Main Market, said his sales volume dropped seriously because of the Naira’s scarcity.
He said: “I have incurred a lot of losses in the last week because of the Naira scarcity. Many customers including those outside Anambra state hardly come again to buy goods from me.
“Money is so scare that even the old notes is not readily available. It has disappeared and very hard to get at the Point of Sale (PoS) outlets. Those who have it, hoard and sell at higher prizes,” Ifeatu said.
Madam Nkiru, who sells fruits at Nkpor junction, expressed anxiety over what becomes of her business in the cash-less banking era.
“I have a drop in the volume of sales because my customers said they do not have cash. I had one customer who left because he could not make transfers because of a bad network.
While the retail businesses have come under threat, many customers who cannot get cash to make purchases have abandoned themselves to fate.
Mrs Chika Uzor said her family have reduced to eating twice a day from the three times a day.
Meanwhile, the CBN advised Nigerians to exchange their old notes through PoS agents by opening savings accounts with them.
