From Charity Nwakaudu, Abuja
No one anticipated the extent of hardship that trailed the Central Bank of Nigeria’s (CBN) naira redesign, aka cashless policy. Nigerians deposited their old naira notes at the banks and they were literally locked up without the new notes in their pockets.
Glitches experienced when using the electronic banking channels worsened their nightmare. In Abuja, many businesses were on the verge of collapse while some actually packed up.
Interventions by the Supreme Court and some governors brought respite as the old and new naira notes would operate side by side till December 31, when the former will be junked.
Abuja traders playing in the small and medium-sized enterprises’ space saw this as a big relief. They said they are back to life as customers now have sufficient cash to patronise them. They also have cash to buy things they desire.
Mrs Rebecca Oderinde, a roadside groundnuts seller, had lampooned the authorities for embarking on the naira redesign project. She now sings a new tune: “Thank God the suffering is over. I can now breathe.
“It was hell buying things like groundnuts that I roast to sell. The dealers don’t collect transfers. They insist on paying with cash, which is not favourable. Last week, I didn’t sell anything for two days because of this cashless policy. This policy, the way I see it, is meant to punish especially the low class.
“Some customers will come to buy, groundnuts of just N100. They will tell you they are making transfer. Some you will see the transaction confirmation, others you will not. When you ask them, they will say they have paid already.
“Those transactions I didn’t see are a loss for my business. This policy is not suitable for my business. Not just my business alone, but for everybody who is struggling to make a living in the country. I hope the respite we have now will last.”
Mrs Concelia Adebayo, fries bean cake for a living: “The return of old naira notes remains a game changer. My business is back in full swing.
My customers are back. Sales are back to optimum levels. We are even about to upscale.
“During the cash scarcity period, someone bought cash in my presence.
He transferred N10,000 and the PoS operator gave him N6,000. That means he bought that money for N4,000. That is wickedness.
“As for me, the cash I collect from my business, I gather them and save them. The ones I give people who come to me for cash are the old naira notes.
“But the new ones, I keep them to help me run my business. Some of these people selling in the market don’t accept transfers. I have to be prepared.”
A sachet water seller at Wuse Market, Ann Anyebe, said: “Most Nigerians calculate before coming out of their houses. It is now very difficult for them to spend outside their budget. But today, things are a lot better. We can spend cash.”
Joy Idris, a boiled corn seller at Dutse Sokale Junction, said: “Cash is back. I welcome it back with open arms. This naira redesign policy came from hell. The stress was so much.
“Initially, I didn’t accept transfers but as it became tougher, I had no choice but to accept them. When you are transferring to me, I make sure I receive an alert before the person goes. If not, I cannot sell anything to the person.
“The policy affected everyone. At the peak of it, sales went down.
Many people could not buy things because of fear that the transfer would not be completed or there was no cash to pay for things they wanted.”
A truck pusher, Aliyu Adamu, said that there was no justification for the policy, regardless of whatever reasons adduced by the creators:
“It really affected my business.
“Imagine pushing heavy loads and the owners can’t pay me. It was really a tough period. Thank God it’s all over.
“I cannot recall how many times I fought just to get a little cash to feed. May this period never come our way again.”
Max Udoh, a painter, said he did many jobs that were unpaid for during the period: “It was like I was working for free, but all my outstanding payments have been settled. I’m back to life. I can now enjoy my life like before.”
