Stories by Okechukwu Ikejieze
Informal operators in the Federal Capital Territory (FCT) have continued to lament low patronage following the cash squeeze occasioned by the redesigning of the national currency. Reports from various markets and other business locations around the FCT showed that patronage was at its lowest over the weekend.
From fruit sellers at Zuba market to meat sellers at Dei-Dei, Karu, Lugbe, Kuje and other major abattoirs and food stuff dealers across major markets in Utako, Garki, Wuse and Kubwa, the story of poor sales and low turnout of customers are the same.
For most meat seller, the challenge is lack of physical cash to buy cows and other animals from the livestock farmers. The butchers stated that most of the livestock dealers prefer cash as instrument of transaction than any other form of payment.
Most of the butchers declined electronic transfers as means of payment on the grounds that their suppliers prefer cash. A random check also showed that most of the butchers do not have Point of Sale (PoS) machines.
One of the butchers at the Kuje market who simply identified himself as Abubakar, blamed the low sales on their inability to purchase enough animals for slaughter as they were cautious not to buy more than they would be able to sale as most of their customers were complaining about lack of physical cash to make their purchases.
Abunakar stated that though he has a bank account with one of the old generation banks, insisted that he cannot accept transfers since his suppliers prefer payment using cash than any other form of electronic payment.
His words: I have to pay cash before my suppliers can sell animals to me, so I can only accept cash payment in order to enable buy next time I go for restocking. Most of my suppliers do not have or operate any form of relationship with the banks; so who do I move the money in my account to them?”
The story is the same at the Zuba market known as the major fruit market in the FCT. Most of the traders at the market complained of low sales as the market remained a scanty. The few traders said that they were struggling to sell off the few items they have on display.
According to one of the traders who identified herself as Madam Naomi lamented that most of her items perished as most of her regular customers were forced to suspend their businesses as a result of cash.
Madam Naomi called on government to ease the pains Nigerians are going through as a result of the cashless and Naira swap policy of the Central bank of Nigeria (CBN).
