transporters in Omu-Aran, KwaraState,
yesterday, said that they were recording low
sales due to scarcity of low denomination
currency notes.
According to reports, traders said that they
now depend on divine intervention to remain
in business.
Worst affected are petty traders, commercial
motorcyclists, vehicle operators, petrol
attendants and recharge cards sellers, who
needed low denominations for business.
The traders said that scarcity of small
denominations notes such as N20, N50, N100
and N200 was hindering smooth business
transactions.
The situation is further compounded by the
closure of commercial banks in the town since
May 14, following attacks on banks by armed
gangs in which three people were killed.
The closure of banks is forcing residents to
travel to neighbouring Otun-Ekiti and Ilorin, a
distance of more than 60 kilometres, for
banking transactions.
Some of the residents blamed the situation on
the new Central Bank of Nigeria banking
reforms initiatives.
Mr. Victor Akeh, Manager of MRS Petrol
Station in Omu-Aran, said the scarcity of low
denomination notes was impacting negatively
on the station's monthly sales target.
He said: "In spite of the high patronage,
customers often leave in annoyance due to
non-availability of these lower denomination
currencies to give as change."
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