Abuja market traders groan as naira scarcity persists

in the market showed that in recent weeks, many of them have had to slash the prices of their goods in order to minimise losses due to poor patronage.

“I do not have many sales this period; many customers are not coming to the market. I have to reduce the price of my fruits so as to sell them out immediately, if not, many of them will spoil,” Usman Mohammed, a fruit seller in Kubwa market, said.

In October 2022, the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced the introduction of new N200, N500 and N1000 notes.

Mr Emefiele said that the decision would address cases of kidnapping, terrorism and other financial crimes.

However, since the policy took effect, the scarcity of both the old and new naira notes has affected a lot of businesses in the country. The situation further worsened the problems being faced by traders in the market, especially due to the challenges of inadequate storage facilities that lead to post-harvest losses.

Salusi Sanni, a trader at Arab market, Abuja, said he loses about N3,000 to N4,000 daily due to poor sales and damaged farm produce, ostensibly due to the cash crunch.

“During this period, my goods spoil every day because I don’t sell much and people are not buying. Like these tomatoes, before tomorrow morning, many of them will spoil. Look at the floor, those ones spoiled yesterday, I separated them this morning,” he said.

“The spoiled goods are like 2000, 3000 to 4000 daily. Only onions can last longer for us here.

“Problems are too much now, someone will come and buy tomatoes and Tatashi (pepper) with no cash to pay, the person will try to transfer and even when I collect the transfer; when I go to the market to get new goods, some wholesale people will not collect transfer from me, ” he added.

Another trader, Mary Ann, who deals in yam and plantain in the same market, explained that the situation has affected her daily sales.

“Since morning, I have not sold any tuber of yam. Normally, I do sell up to 15 to 20 tubers of yam daily, but until now (5:13 pm) nothing has been sold,” Mrs Ann said.

“If I want to explain how it affects me, I will cry. You see this car, the owner of the car brought me back from where I bought yam now, what is keeping him now is money, he said he does not collect transfers, so currently, I’m looking for cash to give him. He said if he collects cash transfers now and they will charge him N1500 for N5000, what will be his gain? So the man said he will not collect. He has been here for more than one hour, he just left now for the mosque for prayers.”

Allow commercial banks process old note deposit, CPPE urges Buhari

From Abubakar Yunusa Abuja

The Centre for the Promotion of Private Enterprise [CPPE] on Sunday urged the Central Bank of Nigeria (CBN) to allow Nigerians deposit their old N500 and N1,000 notes at commercial banks across the country.

In a statement signed by Muda Yusuf, director of CPPE, the think tank said that the confusion caused by the CBN is inflicting additional pain on already traumatised millions of innocent Nigerians seeking to return the old notes.

Last Friday, reports claimed that the CBN had ordered banks to start collecting the old N500 and N1,000 notes from the public. The reports claimed that the apex bank pegged the maximum amount the banks could collect from their customers at N500,000.

But in its reaction, the apex bank urged Nigerians to disregard the claims as it never authorised the banks to take such decisions.

The developments come amid tension generated by the cash redesign policy in recent weeks.

Recently,the CPPE called on the CBN to consider the plight of Nigerians.

“Amid the chaos which the badly implemented policy has created, it is evidently impractical for the CBN offices to properly handle this process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians,” the statement said.

“There is only one branch of the CBN office in each state of the federation and the FCT. It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experience.”

The statement explained that the experience and images of disorderliness of the past few days at the CBN offices graphically illustrate the CPPE’s position.

“We appeal to President Muhammadu Buhari and the

CBN to give this process a human face. The agony and trauma inflicted by the entire management of the policy are unspeakable.

“Accordingly, we plead with the CBN to allow the old notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes,” it said.

In October 2022, the federal government through the Central Bank of Nigeria (CBN) announced the redesign of the N200, N500 and N1000 notes.

A deadline of 31 January was given but it was later extended to 10 February following public outrage. Three governors of the ruling All Progressives Congress (APC) ran to the Supreme Court to oppose the policy and after the first sitting on 15 February a new date, 22 February was fixed for a hearing.

However, President Muhammadu Buhari last Thursday approved the continued use of the old N200 note as the CBN also launched a portal for bank customers to deposit their old naira notes amid a scarcity of new notes.

The president announced that the CBN deadline for the phasing out of the old N500 and N1,000 remains.

Amid the confusion, Mr Yusuf noted Sunday evening that the apex bank’s stipulated process should be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several million that are not literate.

According to him, the current guidelines which require filling of forms on the CBN portals, generating codes etc do not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have internet access and who are in very remote locations in various parts of the country.

“They are Nigerians and are entitled to fair consideration in the implementation process. Most of them are women, microenterprises and small businesses contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of our country.

“It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented.

“We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” he said.

Aisha Dahir-Umar, PenCom DG, inducted into NANS Hall of Fame

From Abubakar Yunusa Abuja

The National Association of Nigerian Students (NANS) has inducted Aisha Dahir-Umar, director-general of the National Pension Commission (PenCom), into its Hall of Fame.

The association said Dahir-Umar was granted the honour in recognition of her professional service and purposeful leadership in the pension industry.

NANS also gave Dahir-Umar a merit award for her contributions to national development and support for young people and students.

Speaking during the award ceremony held in Abuja , Attah Nnalue, senate president of NANS, commended the PenCom DG for her hard work, exemplary lifestyle, contribution to nation building and the advancement of Nigeria’s pension industry.

“Dahir-Umar has been part of the journey to reform pension administration and management in Nigeria,” Nnalue said.

“Under her leadership as the Director General, PenCom has attained significant milestones in its diligent implementation of the Pension Reform Act (PRA) 2014 through the successful conclusion of several critical initiatives.

“Pension fund assets have been on a sustained growth trajectory, increasing from N6.15 trillion in 2016 to N14.99 trillion as of December 2022.

“Similarly, the number of registered pension contributors grew from 7.41 million to 9.86 million over the same period.

“The launch of the Micro Pension Plan (MPP) by President Muhammadu Buhari in March 2019 was another significant step under her towards the promotion of financial inclusion for self-employed persons and workers in the informal sector.”

Nnalue said the induction of DahirUmar into NANS Hall of Fame and the presentation of NANS merit award to her were in line with the resolution of the 68th senate meeting of the association held on January 25, 2023 at the University of Abuja.

He said the NANS merit award is presented to individuals whose lives exemplifies the ideas of living for the sake of others and dedicate themselves to national building and service to humanity.