More businesses to crumble over Naira scarcity.
In the past few months, business owners have suffered a lot due to the Naira scarcity.
Many businesses folded up, with more to fold up.
People have lost their jobs as well because there was no money to pay them salary.
Petty traders have closed their shops because they weren’t making sales like they used to, and they’ve not embraced the modern means of transaction.
The ripple effect of the Naira scarcity can be seen in our society and neighbourhood.
Some business owners have used their capital to feed themselves, since they aren’t making sales or profit.
Financial experts predicted more woes to come for business owners if this problem is not settled on time.
On the 23rd of December 2023, a young man bought a bag of onions for three thousand, five hundred Naira(3,500) in one of the states in the north.
Because of how cheap it was, he bought two bags.
When he asked the seller why he sold it at that price, the seller said because the Naira scarcity has affected his business.
The seller further stressed that onion is a perishable good and since the buyer brought physical cash, he had to sell it to have cash with him.
Many “weak” businesses have folded up, and many “strong” businesses are struggling to keep up now.
If this is not resolved, it will lead to more job lose.
The fracas between the CBN and the Supreme Court must be put to an end now.
It is causing more harm to families and businesses.
The old Naira notes are still not accepted by most traders and even banks after the ruling of the supreme court.
The pain is too much for Nigerians to bear.
Going to withdraw money from the bank can take a total of 4 – 5 hours to achieve the purpose.
Even if one can withdraw, it won’t be the amount he, or she needs.
The POS operators are not also making it easy for people; they charge exorbitant rates for withdrawal, and this has deterred many people from patronizing them.
Godwin Emefiele needs to speak to Nigerians now and implement strategies to curb the impending danger of this Naira scarcity.
