Naira Scarcity: Lagos Town Laments CBN Policy Kills Small Businesses, POS Operators Beg Emefiele For Extension

Naira Scarcity: Lagos Town Laments CBN Policy Kills Small Businesses, POS Operators Beg Emefiele For Extension

Small business owners in Ayobo, Alimosho area of Lagos state, have called on the Central Bank of Nigeria (CBN) to review its policy on new cashless policy.

Some business owners who are into the selling of basic commodities in the town lamented that they have no knowledge of how the policy works while some of them did not have bank accounts.

Speaking with, a cross-section of vegetable sellers, commercial transport drivers, and POS operators in the area expressed fear that the situation would get worst in the coming week.

Godwin Emefiele/Naira Redesign/CBN/2023 election/Muhammadu Buhari
Lagos community laments naira scarcity, calls for extension of deadline for old naira notes Photo Credit: CBN
Source: UGC

The CBN has announced and insisted that its January 31 to stop the collection of the old naira notes in circulation would not change while commercial banks have opened on Saturdays and Sundays to receive the old notes from depositors.

Who are the victims of CBN new naira notes?

But some of the commercial drivers said the government should not expect them to be collecting transfers for N200, and N300 transport expenses, considering the number of passengers they have to deal with within a short period of time.

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Some of them said they may not work on Monday to see what would happen because they can’t be collecting the money they would not be able to spend while others said they will still take the risk.

A trader and an aged woman identified as Mama laments to in the Yoruba language that:

“I am tired of this. I have to start begging people here to help me save the N7000 I have made since morning in their accounts, I don’t know if I will get it back to go to market on Monday because they say the ATMs are not dispensing.”

POS operators urge government to create enlightenment platform to educate the poor

Temitope Bello, a POS operator calls on President Muhammadu Buhari and CBN governor, Godwin Emefiele to review their stands and suspend the policies.

She said:

"The government should just extend this policy because it affects our business, it affects people selling pepper, it is not easy for many of them to start going cashless, many of them don’t even have bank accounts, how do you want them to buy and sell?
“Maybe the government should consider three to four months extension of the deadline.”

On naira scarcity, she said even the new naira notes are not available in banks, adding that she was there earlier in the day, saving the cash on her only to find out that the ATMs are not dispensing.

“I went there today to withdraw, they said I cannot withdraw at the counter, I have to go and make use of the ATM, I got to the ATM, it was not dispensing, I just have to return home like that.”

Femi, another POS operator in the area, urged the government to create an enlightenment platform for people that are not well educated, particularly the street traders who do not use banks, to understand what the policy is all about.

He said:

“You need to create a platform to educate the poor people on this policy, people need enlightenment, the people need to know more about what cashless policy is all about. You cannot just introduce a cashless policy to Iyaloja (market women) that are not educated.
“You have to make them informed, let them know what cashless policy is all about, educate them how it is going to work, teach them how to use it.”

Naira Redesign: Primate Ayodele kicks against new CBN policy earlier reported Primate Elijah Ayodele of the INRI Evangelical spiritual church has kicked against Godwin Emefiele, the governor of the CBN for insisting that the deadline for old naira notes to be accepted would not change.

The cleric maintained that may be fighting politicians with the new policy but the real casualties are the poor masses.

According to Ayodele, Emefiele will plunge the nation into another problem and he would not be able to solve it.


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