In the history of business markets, Enyimba city has experienced a scarcity of N100, leading to most individuals spending and collecting dirty and outdated notes instead.
ABACITYBLOG during a brief interview with one of the traders in Ariaria International Market Aba, gathered that it has become a very big Challenge to the traders and their customers.
Also in transportation firms bus/tricycle (keke) drivers have also confirmed it that N100 note has been an issue with their passengers which may sometimes lead to Fight between passengers and conductors.
One of the businessmen who identified his name as Mr Festus in ahia ohuru market(New market) narrated how the scarcity has affected him.
“I wonder what happened to N100 notes In Aba, he said.
You hardly see new notes of N100 in Aba right now, so even if you are lucky receive one you might want to conserve it.
I had to go to the bank to get at least N50 notes enough for my business so that won’t be a hurdle.
Most of the business practitioners complained bitterly and called out for help as it reduces the quantity of money they may transport to the banks.
They explained that this will result to robbery of all sorts such that the less not they carry less the suspense of what amount they have.
Imagine trying to buy roasted groundnut worth N100 and offering the seller a N200, and she replies that she has no change, while asking you to either give her N500 so that she can give you N400.
This situation does not exists only in aba.
According to findings previously, In the heart of a Market in Lagos State,also spoke with some traders who said they had taken to eliminating the need for the use of N100 notes due to the scarcity.
“Even when we go to the bank, we don’t get change like before. We still get N50, N20, N10, but N100 in particular has been scarce,” a ladies wear seller said.
Surprisingly, the situation is not limited to open markets or bus parks. Superstores and supermarkets complain of the same trend.
A staff at a retail giant, Shoprite Stores in Lagos who pleaded anonymity explained that “We prefer our customers to pay with their ATM cards because it saves us the trouble of having to search for change. That N100 can cause more problems than it is worth.”
The scarcity of lower denominations in an economy like Nigeria according to an economist indicates that the volume of transaction at the lower level is poor, and there is inflation in our economy.
It is traders that use these currencies, and inflation is catching up on these petty traders.
While the volume of transactions carried out with N100 naira notes is high, it means small businesses, people frying akara, selling akamu, and other roadside traders need it more.
In Nigeria, there are high rollers who do not touch small bills, in fact, bills less than N200 and N500 do not pass through their hands, and these are those who might not understand or feel the scarcity.
While it is not absolutely absent from circulation, those notes available are so dirty and mutilated that many retail denizens, both sellers and buyers, reject the notes.
Below are some sample of mutilated N100 notes
It is quite alarming since barely three years ago, the N100 centenary notes were printed and released into circulation. By all standards, this means that those particular notes should be the newest and neatest of all Nigeria’s currency bills, but from all indications, that particular bill is one of the worst hit.
Join UsFollow @abacityblog
Share your story with us via Whatsapp: 07038111972 or Email: firstname.lastname@example.org.Complain about a story or Report an error and/or correction: +2347038111972