Traders urge CBN to address cash crunch to avoid total collapse of economy

Some traders in Sango-Ota, Ogun, on Monday, appealed to the Central Bank of Nigeria (CBN) to make concerted efforts to address the lingering cash crunch in Deposit Money banks to prevent total collapse of economic activities.

They expressed their views in separate interviews with the News Agency of Nigeria in Ota, Ogun.

Mrs Loveth Farinto, a baker at Sango-Ota, described the scarcity of funds within the economy as counter-productive to business activities and economic growth of the country at large.

Farinto said that the development had virtually negatively affected and slowing down business activities.

“It is very difficult to withdraw cash with the new CBN directive of N20,000 maximum withdrawal over the counter and getting money from the Automated Teller Machines (ATMs) of banks because they are not dispensing cash.

“The apex bank needs to get things right as regards the new redesigned naira notes because banks are going behind to embark on sharp practices, thus causing cash scarcity in the system.

Farinto called on the CBN to engage proper investigation of banks books or records to know those collecting the new design notes.

Another trader at Sango-Ota Market, Mr Wale Odusanya, said that the lingering of cash crunch had created untold hardship on both businesses and Nigerians.

Odusanya, a wholesale seller of carbonated drinks, noted that the continuous fuel scarcity and the lack of cash in the system had drastically affected sales and businesses.

He urged the apex bank to urgently address the issue, urging the Federal government to also tackle the challenge of fuel scarcity.

“Those in places of authorities need to intensify efforts towards proffering solutions to these problems to prevent total collapse of businesses in the country.

“In addition, this is likely to affect the forthcoming elections if cautious steps are not taken by the federal government.

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A NAN correspondent who monitored the current development in Sango-Ota area, observed that customers were seen in large numbers waiting to enter into the banking halls, while most of the ATMs are yet to dispense cash.

Source – NAN