Grain traders in suburban markets across the Federal Capital Territory are refusing electronic transactions from customers, despite the Central Bank of Nigeria’s cashless policy. Traders in Nyanya, Karu, Mararaba, and Masaka markets were observed by the News Agency of Nigeria on Tuesday to be accepting only cash.
The traders explain that they purchase commodities directly from rural farmers who do not use electronic banking. Mrs. Kadijat Ibrahim, a vendor at Nyanya Market, said that although her customer base is shrinking, she will continue to demand cash. “I have a bank account, but I cannot transfer money to the people I buy from, so I won’t accept that mode of transaction. I am losing many customers,” she said. “I don’t accept transfers or point‑of‑sale transactions because we buy our grains from local farmers and pay them cash, as they do not engage in electronic banking. The local farmers at the bush markets can only sell their grains if you have cash.”
Similarly, Mr. Ismaila Abu, a grain trader at Mararaba Market, refuses all electronic payments. “I use a small amount of capital for my business and I don’t want it tied up in a bank. I need cash on hand to purchase the products that keep my business going. I do not have a bank account, and I cannot open one now. I will wait until the stress in banks is over,” he explained.
In contrast, a grain trader at Garki Market, Mr. Ayo Ade, appealed to the Central Bank of Nigeria to make cash more readily available for citizens engaged in small businesses, arguing that this would improve sales.
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