Business Headline Local Nasarawa News Nigeria

New Naira notes: Traders lament low patronage

Traders in Nasarawa State capital, are complaining of low patronage due to scarcity of the new naira notes in circulation.

Also, there had been scarcity of cow and goat meats in the market as Fulani herders refused to collect the old naira notes from buyers.

Despite extension of deadline for use of old naira notes as announcement by Governor of the Central Bank of Nigeria (CBN), some residents have continue to reject the old notes, while the new ones are few in circulation.

Though most of the ATM points across banks within lafia have started dispensing the new notes, unlike over the weekend, where long queues of customers could be seen waiting for hours to get to their turn to withdraw.

In an interview with Radio Nigeria at the Lafia modern market, Mrs Esther Joseph and Talatu Madaki attributed the low patronage in the market to lack of new notes in circulation.

A butcher at the popular Lafia abattoir in Shinge,Yakubu Garba said activities are now slow down due to non supply of animals by herders.

A cattle seller, Modibbo Bello said they have plenty of the old naira notes at home yet to be deposited in banks and as such cannot continue to receive more except the new notes.

There were mixed reactions from some residents of Lafia on the extension of deadline for deposit of the old notes by the CBN.

Some commended the move as it would enable more people to go and deposit the old notes in the bank, while others criticised the apex bank saying it has finally succumbed to pressure from politicians.

Reporting by Yusuf Usman; editing by Julian Osamoto & Adeniyi bakare