“Old Notes N5,000, New Notes N4,000”: Petty Traders Innovate to Stay in Business, as Naira Scarcity Continues

• The shortage of new naira notes has severely hit the sales of small businesses across the country
• Some Petty traders in Lagos markets are still accepting the old naira notes in a bid to stay afloat
• While other traders are adapting by offering discounts to customers who pay with the new notes

The scarcity of new naira notes has made it challenging for several petty traders to sustain their businesses.

Nonetheless, some have discovered new ways to cope and keep trading, such as accepting old naira notes.

One such trader is Bola Adekunle, who sells vegetables and fruits in the Ikotun area of Lagos.

She says that by accepting the old naira notes, she is able to attract customers who might not have been able to buy from her before.

Read also

Naira scarcity: Petty traders, transporters, and petrol attendants become top sources of cash for Nigerians

"I accept the old naira notes from by customers, but with a clause. If the alue of a product is N5,000, paying with old notes will be N6,000 while transfer will be N5500.

"My daughter gave me the idea, after for two days we were didn't make any sale and had to survive on food stuff we had home. Since I started this our sales have increased significantly."

Another trader, who gave her name as Mureen, told Legit.ng that her business has been booming since she started accepting old notes as well.

"It's not ideal, but it's better than nothing. At least I can still sell my products and make a living.

When asked how she transacts with the old notes, she said individuals in the market collect the old naira notes and transfer the equivalent value to her bank account after deducting charges.

Read also

Naira scarcity: Nigerian lady pays shoemaker with garri, plate of rice after fixing her slippers

She explained:

"We have people we give the money to, and they send us the value into our account after removing charges. For example, if I submit N3,000, I receive N2,500 paid into my bank account."

For Aminu Musa, who sells snacks and soft drinks, accepting the old notes has been a lifeline. But he has his own rules. A customer must not spend all the money.

"If you have to buy a drink for N200 you must spend at least N900 for N1,000 payment."

"I was struggling to keep my business afloat, but by accepting the old and new notes, I have been able to continue selling my products and also make my customers happy."

A husband shares his wife's experience

Posting his Facebook page, David Afolayan wrote:

"From my wife's experience, traders in some Lagos markets still accept the old, but at a cost...

"For instance, if you want to buy a crate of pepper, there are 3 different price options: N4500-new notes, N5500-transfer, N6500-old notes"

Read also

Nigerians troop to filling stations in search of cash, make a deal with Customers

Another example can be seen in the video below, where the trader says, "I dey collect old notes, 500," as she hopes to attract customers to her wares.

Watch the video:

Supreme court judgement on naira notes

Nigerians were further confused over the validity of old naira notes as the Supreme Court, on Wednesday, February 22, 2023, again adjourned its decision on the naira redesign to March 3, 2023.

The case was initiated by state governments against the Federal Government, challenging the implementation of the naira redesign, ChannelsTV reports.

President Muhammadu Buhari had directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days until April 10, 2023, after which the old N500 and N1,000 banknotes will cease to be legal tender in Nigeria.

However, this decision did not sit well with governors, who have also issued counter-directives.

Read also

Naira Scarcity: "CBN's ill-timed policy affected my campaign," female House of Reps candidate laments

CBN to arrest PoS operators, naira note vendors, releases contact details

Meanwhile, the Central Bank of Nigeria (CBN) has expressed its intention to punish PoS operators that charge high withdrawal fees

The CBN is also targeting new naira note dealers as it ramps up its efforts to alleviate Nigerians' sufferings

The CBN has also made phone numbers and email addresses available for Nigerians to report offenders

Source: Legit.ng