Naira Swap: Kaduna Traders Battle Mobile Transfer Issues, Insist On Cash As CBN, Presidency Stand Ground

Several vendors in the marketplaces and city of Kaduna have persisted in refusing interbank transfers, alleging challenges getting cash out of banks. The traders also cited that the local farmers in the villages who supplied them with commodities refused to accept transfers, necessitating payment in cash.

You may remember that some traders lamented having trouble accessing the Internet last week, which they claimed was impeding interbank transfers. Several traders have already started to calculate their losses due to the Central Bank of Nigeria’s (CBN) naira swap policy. Others claimed they stopped doing business because they didn’t want to take the chance of selling on credit or being duped by dishonest consumers, while others complained of low sales.

Petty vendors who sold perishable items like fruits and vegetables were prominent among those bemoaning the financial difficulty brought on by the naira exchange. They alleged that they lacked the bank accounts necessary to receive client payments.

The naira swap saga has received injunctions from the supreme court to allow old notes to exist alongside the new. Still, the CBN governor and the presidency have remained adamant in going back on their words to allow old N500 and N1000 naira notes to stay in circulation.

The cash crunch In the country has gotten to a new high as the nation heads into the crucial week of its next general polls to select and vote for a new government to rule and run leadership of the people for the next Four Years.