Because of the shortage of cash in the system as a result of the Federal Government’s mandate on Naira cash flow, which has caused the country’s legal tender to be in short supply, the majority of sellers and purchasers have turned to the usage of online cash transfer.
On Saturday, a News Agency of Nigeria (NAN) correspondent visited a few Lagos markets, and his observations revealed that the majority of the dealers and customers there conducted their business via online cash transfers.
They expressed concern over the ongoing cash scarcity but also noted that cash transfers are now more convenient than having to stand in line for hours to get cash.
According to the News Agency of Nigeria (NAN), the way commercial banks are distributing cash in accordance with instructions from the Central Bank of Nigeria (CBN) as a result of the redesign of 1,000, N500 and N200 Naira notes is causing hardship to people.
According to the report, the federal government claimed the hardship was only temporary because it was intended to revive the economy.
Items like oranges, plantains, yams, and vegetables were sold at the Iyanoba food market via phone cash transfers.
Inter-State Produce Dealer Mr. Isa Ibrahim claimed that the lack of cash has led many to use cashless methods of payment.
Ibrahim, who traveled to Lagos with yams from Lafia, Nasarawa, said the new trading pattern is practical.
He claims that it eliminates the hassle 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.
The majority of Mrs. Harriet Otuonye’s clients at the Lagos International Trade Fair Complex market who sell tools and clothing have reportedly stopped coming with cash to make purchases over the past two weeks.
“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.
Schoolteacher Mrs. Jane Akuro said she felt comfortable making her purchases through internet transfers.
She claimed that it portended enormous security.
Because criminals would be prevented from targeting people for money if they saw that they did not carry cash, there would be a significant decrease in robberies.
“I made a number of purchases today without using cash.
It’s unfortunate that the government must force individuals to accept this system. Everyone will grow accustomed to it in time, she said.