FCT: Traders, Transporters Decry Scarcity Opf Smaller Naira Denominations
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Traders and transport workers in the FCT have decried the paucity of smaller naira notes in the economy as an impediment for business to strive.
A cross section of the traders revealed in Abuja that the situation was worrisome and called on the Central Bank of Nigeria to expedite action on releasing more of the denominations for circulation.
Mr Musa Haliru, a commercial bus driver in Gwagwalada, said he found it very difficult to give change to passengers whenever they brought N1,000 note for payment of transport fare.
“This issue of smaller naira note is giving us problem at the garage when giving out change to passengers.
“Smaller currency is hard to find and is not much in circulation these days especially N5, N10 and N20 notes.
“When passengers bring out N1,000 note to pay for their transport fare, it becomes a problem finding change.
“It the government can print more of smaller denomination, I think it will reduce the difficulties we are facing at the garage.”
Mrs Amaka Nbanefo, a tomatoes and pepper seller, said she found it very difficult to get change for customers as majority of them would always bring bigger denomination to buy ordinary pepper.
She explained that the commercial banks were not helping matters as the regularly gave out larger currencies to customers.
“Issue of smaller money is becoming a problem to traders in the market, especially we traders that sell food items and perishable goods.
“Some times when customers bring out big money to buy something small, we normally don’t sell to them because of change and we are the ones at loss.
“We are pleading with the banks to make smaller notes available to make our bussiness to grow,” Nbanefo said.
Similarly, motorcycle operators in Kuje Area Council described the situation as worrisome as they found it very difficult to give change to passengers.
The Chairman of Kuje Traders Association, Mr Yunusa Isa, called in the central bank to print more smaller notes to cushion the scarcity.
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