While many Nigerians have been left wondering whether their quest for
\nlower value Naira notes, especially coins, may ever come to fruition by
\nthe Central Bank of Nigeria (CBN),\u00a0Aminu Imam reports that many ordinary
\ncitizens, particularly traders, commercial vehicle owners and commuters,
\nare crying out to the concerned authorities over the persisting lack of
\nlower currency denominations in the Nigerian financial system.
\nAs about 85 percent of the nation\u2019s daily transactions are estimated to be
\nconducted in cash, it is becoming a daily hassle for most ordinary
\nNigerians to access lower currency denominations, so much so that the
\nissue of one getting \u2018ordinary change\u2019 in lower denomination of Naira
\nnotes has become a daily nightmare for most Nigerians.
\nIt has become almost a crime now in Nigeria to walk into a restaurant or
\nsupermarket, or board a commercial vehicle and not hold your own change.
\nAfter buying stuff and trying to pay, the first thing you hear is
\nsomething like, ” Hold your change o!”
\nSince when did it become a customer\u2019s duty to hold his or her change? And
\nsince when did Nigerians have to pay the price for not having that said
\nchange?
\nMost businesses only require lower currency denominations for petty-cash
\npurposes, which are not frequently a significant amount. For retailers and
\nothers dealing directly with the public, there is often the need to pay in
\nsubstantial amounts of cash in different denominations of notes.
\nA fried yam seller at Kasuwar Barci market in Kaduna, who spoke to our
\ncorrespondent, but\u00a0preferred anonymity, described the problem of change in
\nher business as \u2018seriously\u2019 affecting her business. \u201cActually, we get
\nserious problem with small changes with customers like if somebody comes
\nwith N1, 000 or N500, because some people will not even buy if you don\u2019t
\nhave change. They will ask you first\u201d.
\nHowever, despite the agreeing with the problems associated with larger
\ndenominations, the yam seller doesn\u2019t believe that the attempt last year
\nby the CBN to introduce N5, 000 notes would have solved the problem. She
\nsaid, \u201cI think the problem will even get worse if CBN brings out new N5,
\n000 notes. Even now, we encounter problems of changing N1, 000 or N5, 00
\nnotes, so if it\u2019s N5, 000 it will be worse.\u201d
\nA conductor with one of the Mass Transit Buses, popularly known as
\n\u201csubsidy bus\u201d, who could barely speak because of emotion opined that they
\nused to tell passengers to hold their change before they enter such buses,
\nbecause of the challenges they face. He stated that they waste long time
\nlooking for change, especially when a passenger is dropping before they
\nreach their bus stops, which according to him affects their bottom line.
\n\u201cWe dey tell passengers to hold change for hand before they enter. Na
\nbecause of the problem we get; na im be the reason we dey tell passengers.
\nWe fit stay long on the way before we get change. The problem e no be
\nsmall ooo\u201d, he lamented.
\nWhen pressed to talk about his opinion if CBN introduces coins this year,
\nthe conductor frowned his face, and answered thus:\u00a0\u201cFor this kind our
\nwork, if you come bring coins, we no fit collect am, I tell you, bros; For
\nwhere we go keep am?\u201d\u00a0he angrily queried.
\nAlso, a mechanic along Nnamdi Azikiwe expressway, also in Kaduna, Malam
\nHassan, said that he often encounter problems with the issue of change. He
\ncited the nature of his business and the fact that he, most times, deals
\nwith commercial transport.
\nWhen asked whether he would welcome the introduction of new N5, 000 notes,
\nHassan stated that it wouldn\u2019t affect his mechanic business much. \u201cIf they
\nbring N5, 000 notes, it will make no difference to my business, because I
\ndeal with lower notes.\u201d On lower denominations coins, he claimed \u201cmost
\npeople will not be going round with coins in their pockets, so you see
\nthey won\u2019t last before they disappear.\u201d
\nAccording to a bus driver in Jabi, Felix Emmanuel, \u201cSometimes, we find it
\ndifficult to give our passengers change and it affects our business\u201d.
\nCould you believe a passenger will give you N1, 000 from Area 1 to Berger,
\nhow can you manage to find a change? Especially when you just came out in
\nthe morning; to me, I find it difficult to leave change for any passenger
\nbecause the gain is not much.
\nThe botched planned introduction of N5, 000 note by the CBN would surely
\nhave affected many businesses in Nigeria where people are suffering in
\ntheir daily search of livelihood. Whenever you go to the market with huge
\namount to buy foodstuff of N500, where do you expect the trader to find a
\nchange? It\u2019s either you as the buyer forfeit your change or the seller
\ndoes, which will surely affect your budget as the buyer and in turn affect
\nthe seller, because he might not meet up with his\/her profit at the end.
\nAccording to a taxi driver, Suleiman Abdullahi, having the requisite
\nchange is very important in every business because according to him, \u201cIt
\ngives you rest of mind, any time you have passengers and issue their
\nchange to them without any hitches.
\nOn the issue of the N5, 000 notes by CBN, he said, \u201cIt is a good idea, in
\nterms of travelling safely with a large amount\u00a0of money without being
\nnoticed by thieves or hoodlums; also, it will make transactions easier and
\nfaster as one can be able to keep a large amount in his house or office
\nfor business transactions\u201d.
\nHowever, he noted that when carrying out a transaction, one sometimes find
\nit difficult to buy some items in the market as sellers refuse to accept
\nhigher denominations because of change. This will surely affect the
\nseller, according to him, who is likely to take longer time before selling
\nhis goods and \u201cit would also affect the buyer if he\/she is pressed to buy
\nthe goods, leaving his change behind. It will also affect the economy,
\nputting more hardship to the poor.
\nCash is still the king of transaction in the country, even in\u00a0Lagos state
\nand therefore the availability of lower denominations is a task for the
\nCBN. The amount of the huge loss to the country arising from aborted
\ntransactions due lack of appropriate \u2018change\u2019 can best be imagined. Even
\nthe Automated Teller Machines (ATMs) dotting the country\u2019s landscape for
\nnow dispense minimum of N500 currency notes.
\nMost people especially the affluent of the society may see this as a small
\nissue as they are wont to leave their change rather than face the hassle
\nof, “No change o”; but for the rest of most Nigerians like us, they are
\nleft to bear the brunt of endless frustrations, often times degenerating
\ninto quarrels and fisticuffs.
\nIt has therefore become imperative that the CBN should come to their
\nrescue so that real change can be evident.<\/p>\n