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Naira scarcity lingers, traders ration cash

Some grassroots farmers and petty traders have expressed frustration over the lingering cash crunch in the country, saying the unfortunate incident has been taking a toll on their businesses.

Some farmers and traders who spoke to us said they stopped keeping their cash in the banks to avoid the funds getting trapped.

Small and medium-scale enterprise associations who spoke to our correspondent said the cash crunch would further weaken the government’s efforts to drive financial inclusion, especially at the grassroots.

A farmer in Igboho area of Oyo State, Mr Dele Bamigboye, said, “Many of those who bought from my farm produce have not paid me. They said they could not get money from the banks. It is affecting my business. I sell my things in cash and I have someone who helps me to collect the monies and keep in her bank account when it is much. Now, I cannot get cash because my monies are trapped.

Another trader in Ogidi area of Ilorin simply identified as Mama Kudi said, “I am selling to only those who have cash to pay. I maintain this position because if they send money to my account, I cannot access cash from the PoS, and banks are rationing their cash. I need cash to buy goods and do my transactions. I am not taking money to the bank.

Despite assurances from the Central Bank of Nigeria that there is enough cash in the economy, Nigerians have continued to decry the cash scarcity, as many Automated Teller Machines lack funds while banks are rationing cash over-the-counter.

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