The cash shortages sparked by the Central Bank of Nigeria ’s so-called naira redesign policy have seen traders in the Nigerian state of Benue resort to barter, a local
has said. The report added that some traders, especially those without bank accounts, began accepting payment in the form of goods or produce shortly after the passage of the old naira demonetization deadline.by Bitcoin.com News, the CBN’s botched attempt to replace old naira banknotes with newly designed ones has sparked unrest in some Nigerian states. Many Nigerian politicians, including presidential hopeful Atiku Abubakar, have pleaded for an extension of the deadline.
In response to the pleas, the outgoing President Muhammadu Buhari, who has backed the CBN’s currency reforms, only agreed to. As a result of the CBN and President Buhari’s refusal to extend the lifespan of the other banknotes, cash-strapped Benue state residents like Felix Uwakwe, a foodstuffs trader, are accepting payment in the form of other goods.
“Bartering is the way out of the present situation we have found ourselves in. We are engaging in some form of barter trade.
Another Benue state resident, Grace Ordah, is quoted in the report similarly asking the Nigerian government to heed the calls to rescind the CBN’s currency policies.it would only make its ruling in a case in which the governors from the All Progressives Congress political party are challenging the naira redesign policy on March 3, just days after the country’s hotly contested elections.
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