Traders and transporters in Omu-Aran,
KwaraState, yesterday, said that they were
recording low sales due to scarcity of low
denomination currency notes.

According to reports, traders said that they 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 situation is further compounded 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 new Central Bank of Nigeria banking reforms
initiatives.

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

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

http://businessnews.com.ng/2013/11/06/kwara-traders-bemoan-scarcity-n20-n50-notes/

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