Naira Scarcity: Villagers Re-introduce Trade By Barter

Due to the scarcity of cash, Nigerians in remote communities have re-introduced the ancient barter trade.

The development was initiated by villagers in Buhari and Damasak towns in Yusufari and Mobbar local government areas of Yobe and Borno states, reports stated.

A resident stated that a week before the end of the naira swap deadline, many had enough cash reserves at home, which they deposited in the banks via proxies as the CBN deadline approached to avoid losing them.

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Ijeoma Aluo, a resident of Awara in Ohaji Local Government Area of Imo State, explained that accessing cash in the villages became an arduous task thereafter, leading them to trade foodstuff for basic needs.

Aluo told newsmen that the villagers, mostly farmers, use their commodities to trade by barter.

She said:
For instance, we use a basin of garri in exchange for fish and vegetables.”

Since the Central Bank of Nigeria introduced the redesigned N200, N500, and N1,000 notes, Nigerians have been going through excruciating times to access cash, leading some governors in the country to sue the Nigerian government.

CBN had fixed February 10, 2023, as the deadline to cease the circulation of old naira notes in the country as legal tender.

However, Nigerians await February 15 for the Supreme Court’s hearing of the ongoing naira crisis.

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