In spite of the cashless policy of the Central Bank of Nigeria, some grain traders in suburban markets in the Federal Capital Territory are rejecting electronic transactions from customers.
The traders in Nyanya, Karu, Mararaba and Masaka Markets were not accepting electronic transactions, as observed by the News Agency of Nigeria, on Tuesday.
According to the traders, they are buying the commodities directly from the rural farmers who are not involved in any form of electronic banking transactions.
Mrs Kadijat Ibrahim, a trader at Nyanya Market, said although the number of her customers was reducing, she would continue to demand cash for her goods.
She said, “I have a bank account but because I cannot also transfer money to the people I buy from, I won’t accept such a mode of transaction. Though I am losing a lot of customers.
“I don’t accept transfer or Point of Sale transactions because we buy our grains from local farmers and we pay them cash, because they don’t do any form of electronic banking.
“The local farmers at the bush markets where we buy our products can only sell their grains to you if you have cash.”
Also, another grain trader at the Mararaba Market, Mr Ismaila Abu said he does not accept any form of electronic transactions for his goods.
“I use a little capital for my business and I wouldn’t want it to be held in any bank.
“I need my cash at hand, so that I can purchase the products that will keep my business going.
“I do not have a bank account, but I cannot go and open one now. I will wait until all this stress in banks is over,” he said.
However, a grain trader at the Garki Market, Mr Ayo Ade appealed to the CBN to make cash available for citizens engaged in small businesses, for sales to improve.