Due to naira scarcity following the cashless policy instituted by the CBN, Nigerians were forced to resort to the trade by barter system to obtain goods.
According to an interview, Nigerians have embraced this mode of trade because of the nationwide scarcity of naira notes
Mr. Felix Uwakwe, a trader at the popular Makurdi Railway, blamed it on the scarcity of the new naira notes.
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He described it as an opportunity to get back in full, the value of his goods which didn’t seem forthcoming with the naira scarcity.
Barter trade has become my only means of income
Another trader, Madam Grace Ordah, who trades in dried fish, seemed to have a different opinion on how effective this means of exchange was.
She lamented bitterly about not being able to sell for about three weeks, for lack of a bank account number.
The barter trade became her only means of obtaining the basic things she needed at home.
She shared that the system was not the best for her because sometimes, she would be compelled to give more than she should so that her family will not go hungry.
Nigerians react to President Buhari’s broadcast on naira scarcity
Meanwhile, reactions in multitudes trailed the national broadcast of President Muhammadu Buhari on the lingering crisis surrounding the old and new naira notes.
During a televised broadcast on Thursday, February 16, President Buhari said he was well aware of the plight Nigerians faced due to the redesign policy.
However, he insisted that 500 and 1000 notes would no longer be legal tender. He also added that only 200 notes would be recirculated to bring ease for the next 60 days.
