Why Kwara Traders 'Depend on Divine Intervention to Remain in Business'

Traders and transporters in Omu-Aran, Kwara State, claimed that they were recording low sales due to scarcity of low denomination currency notes.

According to Vanguard, the traders now “depend on divine intervention to remain in business”.

Worst affected are petty traders, commercial motorcyclists, vehicle operators, petrol attendants and recharge cards sellers, who needed low denominations for business.

The traders said that scarcity of small denominations notes such as N20, N50, N100 and N200 was hindering smooth business transactions.

The Manager of MRS Petrol Station in Omu-Aran, Mr. Victor Akeh, said the scarcity of low denomination notes was impacting negatively on the station’s monthly sales target:

“In spite of the high patronage, customers often leave in annoyance due to non-availability of these lower denomination currencies to give as change.”

The crisis is further deepened by the closure of commercial banks in the town since May 14, following attacks on banks by armed gangs in which three people were killed.

The closure of banks is forcing residents to travel to neighbouring Otun-Ekiti and Ilorin, a distance of more than 60 kilometres, for banking transactions.

Some of the residents blamed the situation on the Central Bank of Nigeria banking reforms initiatives. 

Source: Vanguard