Market women in the Federal Capital Territory have decried low patronage, attributing it to the poor circulation of the new naira notes. They told the News Agency of Nigeria (NAN) on Sunday in Abuja that the situation has adversely affected their trade. A NAN correspondent who visited several markets reported that most of the women have resorted to collecting transfers to make sales, especially those selling perishable items. The naira scarcity has also prompted some market women, who previously did not have bank accounts, to open one.
At the Garki International Modern Market, Ngozi Kalu, who sells food items, said she had not sold anything for almost two days because her customers complained they had no cash and she herself did not have a bank account. “When customers come, they say they do not have cash to pay and ask if they can transfer. I do not have a bank account, so if they cannot pay me in cash, they go elsewhere. That is how I have missed many sales for two days. I wish I had a bank account,” she said.
Another trader, known only as Mama Victor, recorded few sales but noted that because she has a bank account, buyers are able to transfer money to her. “Some customers ask if they can transfer, so I give them my account number. That is the only way I have been making sales because there is no money anywhere. Even the POS operators do not have cash,” she explained.
At Wuse Market, Mrs. Sarah Benjamin lamented the change in buying patterns. “Before, if you came to my stall at this time, I would have made a lot of sales—people buying carrots, peas, pepper, etc. Today it is not like that. Many customers say they do not have cash to pay. One customer who did transfer was debited, but the money has not reflected in my account—that is another challenge,” she said.
Hannah John, who sells perishable items, applauded the Federal Government’s cashless policy, saying it would encourage more women to open bank accounts. “I am happy about what the government is doing because customers are paying money directly to my account, so I go home carrying very little cash. It will also encourage more market women to open bank accounts, because those who do not have them are losing out,” she said.
Shopper Tosin Omodele explained that she had to pay for her purchases via transfer because she had no cash. “The POS operators are not working because they do not have money; the ATMs in the market have no cash, so the only way I could pay was through transfer. It took about 20 minutes to confirm from the seller that they received the money, which is another issue. I appeal to the government to do something about this situation—Nigerians are suffering. See how difficult shopping has become,” she said.
Another shopper, Efosa Paul, recounted having to obtain cash from a market woman at an extra fee. “I needed cash to buy some items and one of the market women offered to give me cash for a fee. She gave me N5,000, but I transferred N5,500 into her account. Some people are making brisk business from this whole situation we are in,” he said.
NAN reports that the situation was similar at Utako Modern Market, Kubwa Village Market, and other markets visited.
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