Business
PH Residents Want More Lower Naira Notes
Some residents of Port
Harcourt have decried the shortage of lower denominations of the naira in circulation, calling on the Central Bank of Nigeria (CBN) to tackle the matter urgently.
The residents, who spoke to The Tide at different for a explained that for some months now, the lower denominations like the N200 and N100 notes have been in short supply.
They maintained that the short supply of these currency notes has not only hindered the smooth running of businesses, but that it has pitched people against themselves on the process of obtaining balancesfrom transactions, especially in the transport sector.
Speaking on the matter, the Secretary of the National Union of Road Transport Workers (NURTW), Mile III Motor Park, Comrade Cyril Amadi, said that the scarcity of these lower denominations have become very noticeable in Port Harcourt.
Amadi posited that this scenario has caused traders some hardship in doing their businesses, pointing out that it is difficult to obtain ‘change’ when one makes purchases.
Recounting on her experience, a Civil Servant in Port Harcourt, Mrs Rose Amadi, said that she had several quarrels with bus conductors over the issue of ‘change’ after paying for her fare.
She said that in recent times, it was noticed that the N500 note was more in circulation, and that 70 per cent of commuters bus operators rejected N500 for fare in town service and that this has caused many quarrels while some resulted to fighting.
Mrs Amadi therefore called on the Federal Government, particularly the CBN to urgently address this matter, so as to enable the public enjoy smooth business transaction.
On her part while reacting to the issue Lady Vero Elenga stated that the shortage of these denomination has become worrisome, adding that this issues has affected business, especially for those that sell.
She attributed the emerging issue to the introduction of payment through ATM machines by commercial banks pointing out that the ATM machines payout cash in higher denominations like N500 and N1,000 notes.
Vero therefore urged banks to also ensure that lower denomination s are paid out to the customers through the ATMs.
Corlins Walter