Residents of Osogbo, the Osun State capital, have expressed disaffection as the scarcity of the redesigned Naira notes continues to hit hard.
President Muhammadu Buhari had in a nationwide broadcast on Thursday directed the Central Bank of Nigeria to recirculate the old N200 note side by side the redesigned notes for a period of 60 days.
Expressing her views, Halimat Adebare, a trader, stated that she had restricted herself to collecting physical cash that is less than N200 for her goods and transfer of cash for any transaction above N200.
She stated that she resorted to that owing to the back and forth between the Central Bank of Nigeria and the Supreme Court.
“I have stopped collecting physical cash above N200 for any item bought from my shop. I opted for cash transfer to be on the safer side because I don’t understand the confusion again.
“Fortunately for me, my customers have always been faithful and there has never been any case of cash transfer that has failed,” she said.
Timothy Oyeniyi, a business owner, lamented that his fish feed business had experienced low sales due to the cash crunch.
“Sales have dwindled because people are hesitant to send money except for important things like feeding.
“Some of us are afraid to accept transfers because some people aim to defraud us by sending fake alerts and in the process, nothing enters my account.
“In some cases, the transfer takes time. In that process, who do we blame?” She stated.
Some residents have also lamented the charges demanded by business owners for every cash transfer for payment of goods and services.
Comfort Omotosho, a trader stated that she had to demand for the charge to cushion the effects of the hardship she experiences each time she goes to the bank to withdraw cash.
“I suffer a lot when I get to the bank. It is not easy. And if withdrawing from the bank becomes impossible, I resort to the POS operators to get cash and these operators charge neck break charges to get cash,” she lamented.
Dr Tunji Ogunyemi, an economist at the Obafemi Awolowo University, Ile-Ife, in a radio programme on Thursday, blasted the president for going against the Supreme Court which is the final arbiter in the country.
Ogunyemi, who stated that the policy was right, added that the implementation and timing was wrong.