The Nigerian Central Bank (CBN) announced recently the redesign, production and circulation of new series of three banknotes out of the existing eight banknotes, comprising N200, N500 and N1000 denominations as part of its cashless policy adducing many benefits. Part of the CNB policy also stipulates daily cumulative limit of N500,000 and N3,000,000 withdrawals by individuals and corporate customers respectively. However, this has attracted various reactions from individuals and businesses especially Small and Medium-sized Enterprises (SMEs) across the country who are groaning in dire straits as the economic crisis brought about by the cash swap policy continues to fester. This is why WHERE To Print VOX POP CREW went to town to find out – what measures print practitioners are taking to manage issues from the new CBN policy. Check out practitioners’ responses in excerpt below:
MR CHINAZA KINGSLEY – MAT BOX SIGN TRADE
Honestly, it has been very hard for us, we were not able to get transport to come to work or go back home. On the other hand, the cashless policy helped us to spend wisely because personally I spend a lot daily and all these were curbed as a result of the new policy. It hasn’t been flowing well but we believe God to help us.
SAMUEL ANU – SM PRINTS
Cash has been scarce and going to a month now, I have not held cash in my hands. It really affected our business I must say but we kept pushing and we believe God to come to our aid.
KALEJAIYE ABDULWASIU – PRINT LEGEND
We were not really affected because we did not really have customers bringing in cash. They were always making payments through transfers or cheques. So, business has been relatively smooth so far.
ABIODUN ADENUGA – MIGHTY ADENUGA GRAPHICS
There is no money in circulation and our business was affected a lot because our customers always deal with cash. We pray we get out of this soon because business has been down ever since.
MRS. DUROJAIYE OLAIDE – PRINT AGE MEDIA
Actually, it’s not really being bad. The new CBN policy has helped us from unnecessary spending. The only issue we had was delay in transfers, aside that we were able to scale through it all.
SEGUN ADEOYE – WORK IT BRAND
It really affected us a lot because we were receiving more of cash as means of payment. But then, we had our way around it as some customers opted for transfers. We pray Nigeria gets better.
ABAYOMI ADETOLA – ECHOPRINTS
It really affected us. Most of our clients opted to transfers which eventually led to some transfer errors. And there were other transactions that required paying in cash. We had to buy money at some point and it was really bad. The logistics affected us a lot too. God help us in this country.
CHARLES ONETTE – DARCOZILLA PRINTS
It has been hell to our business from making payment of jobs and receiving of previous job because of this cashless policy. The rate of business has dropped drastically.
PROMISE OGUNJOBI – GLOMMY VENTURES
To me I feel it eliminates the cost of managing currency and going cashless may also reduce certain crimes in our country.
KOMOLAFE OLADIMEJI – BANCOD LTD
The effect of the new currency on our business is that it reduces sale, scarcity of cash, high cost of production. But we were able to manage issues with our customer through electronic bank transfer and internet banking.
MRS. AMINA BUBA – DE VISION CONCEPT
The effect of the recent new currency and cashless policy by the CBN on my business is that it made my business move forward because when customers are unable to buy things from the market due to the fact that most of the traders do not have an account to enable transfers, they sought after businesses like mine that uses POS for transactions.
BENJAMIN OYENEYE – GLASCOM PRINTING PRESS
In my opinion, I only try to focus on the positive aspect of the new CBN policy which includes; expansion of various payment channels, elimination of cost involves in managing currency and going cashless may also reduce some form of crimes in the country.
SAMORA KING – SAMORA GRAPHICS
I’ve decided to get POS for the running of my business since almost all my customers are now doing transfer. So, I will advise others to digitalized their processes by accommodating other payment options.
GOODLUCK JOHNSON – SIBOM NIG LTD
One of the advantages of the new CBN policy is that it expanses various payment channels that businesses should take advantage of.
MRS. MARY ADEOSUN – DANNY PRINTS
We were not affected because we always accept transfers. So, business was smooth for us. Although we are fully aware it affected a lot of business but it is well.
OUR VERDICT?
Without doubt, this CBN policy has impacted the general populace but most especially small businesses. It is therefore advised that entrepreneurs make critical changes to their operations in order to accommodate policies (such as these) to cushion the effects on their customers and businesses. Specifically, businesses must ensure they are equipped with alternate payment solutions (both online and offline) for a seamless payment transactions and smooth operations that engender sustainable profits and business growth.
