A lot of the new naira notes earlier released by the Central Bank of Nigeria (CBN) and stockpiled by retail traders are now beginning to find their way back into circulation, BusinessDay has learnt.
Across several markets in Lagos and Ogun, traders were seen having large sums of the new naira notes which they sell to Point of Sale (PoS) operators and consumers at a premium.
For many of the traders, selling new naira notes has become a side business as scarcity lingers.
BusinessDay finding reveals that the traders are selling N100,000 new notes for as much as N115,000. Some charge N2,500 for N20,000.
One of the traders approached for cash by our correspondent, said: “How much do you need? I am ready to give you any amount as long as you are ready to pay my commission. Many people need it; so we are not begging anybody,” the trader said.
It was gathered that POS operators come to them at intervals or after close of each business day to pick up whatever amount they have accumulated for them from their sales. Some traders sell the N200 (old), N100 and N50 notes.
Chika Onwunali, managing consultant of Premium Debate, said the naira scarcity will continue unless the CBN and commercial banks rise up to the challenge to make cash available.
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According to him, it is only when people are able to get cash from banks that they will stop patronising PoS operators and traders who are selling money at a premium.
“It’s unfortunate that people take advantage of every situation to unleash hardship on other people,” Onwunali said.
He urged the CBN and the law enforcement agents to make some people scapegoats in situations like this so that people can learn to do things the right way.
