Naira Scarcity: Man Resorts To Trade by Barter, Exchanges Detergent for a Plate of Rice in Viral Video

• Nigerians now engage in barter trading, in which goods are swapped for money rather than cash
• A man was shown in a viral video circulating on social media requesting a food vendor to give him food in return for three sachets of soap he sells
• Nigerians are suffering from naira scarcity across the country, and the CBN has done nothing to alleviate the issue amid confusion over what Citizens should do

Amidst the scarcity of both new naira notes and now the widespread rejection of the old notes Nigerians have adopted the ancient trade by barter to survive.

This recently played out in a viral video now making rounds on social media, where a man approached a food vendor with three sachets of laundry detergent.

In the video, the food vendor who spoke the Yoruba language said smiling:

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"He came here with three detergents for food, the detergent is worth N300 for food of N200"

In a similar report, DailyTrust revealed that traders of perishable goods in rural areas have also opened a ledger for their customers who are unable to pay for what they buy, hoping that they would sort it out when the cash crunch improves.

Nigerians react

Reactions have trailed the viral video with many sharing their experience on how the phasing out of the old naira notes by the Central Bank of Nigeria (CBN), has affected them.

@HAREMOGOLD_89 wrote:

"Going back to how it’s used to be in the days of our fathers abeg oo who need eggs me get enough need ororo"

@Eliakim01O said:

"New note been show me shege today"

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Mukhtar.A.MO also stated:

"That’s why we begged Nigerians to get bank accounts and learn about e channels the whole world is going digital"

@lemomuzik added:

"We must survive"

CBN opens portal for deposit of old naira notes

In a similar report, the Central Bank of Nigeria has launched a website for Nigerians to apply to deposit old naira notes.

The portal is to help Nigerians who still have the old N500 and N1000 notes not to lose their money.

The federal government and CBN have insisted that commercial banks will no longer collect the now-outdated notes.

Source: Legit.ng