By Ishaya Ibrahim
Nigerians in rural communities have begun trade by barter to get around the challenges of cash shortage in the country.
A Daily Trust report said some villages in far away north and eastern parts of the country have resorted to exchanging goods to get by their daily needs.
According to the report, residents lamented that they were lured into depositing their cash in the banks with the hopes of having new notes which never came.
Legit.ng also reported that petty traders of perishable products have opened ledgers for their customers who cannot pay for their products in cash, hoping they would exchange something in return to ease the current cash crunch.
Since the Central Bank of Nigeria introduced the redesigned N200, N500 and N1,000 notes, Nigerians have been going through excruciating times to access cash, leading some governors in the country to sue the Nigerian government.
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CBN had fixed February 10, 2023, as the deadline for the cessation of the circulation of old naira notes in the country as legal tender.
Daily Trust reports that villagers in Buhari and Damasak towns in Yusufari and Mobbar local government areas of Yobe and Borno states resorted to the trade by barter, an ancient practice of exchanging goods to get around the cash shortage.
According to the report, the villages are far into the desert, bordering the Diffa area in the Niger Republic.
Residents of the towns said they benefit from the telecoms and health services of the neighbouring country.
A resident said that a week before the end of the naira swap deadline, many had enough cash reserves at home which they deposited in the banks via proxies as the CBN deadline approached to avoid losing them.
The report said that the account owners promised to withdraw the new notes to continue with their businesses.
Ijeoma Aluo, a resident in Awara in Ohaji Local Government Area of Imo State told Legit.ng that accessing cash in the villages is a herculean task, leading them to trade foodstuff for basic needs.
She said the villagers who are mostly farmers, use their commodities to trade by barter.
“For instance, we use a basin of garri in exchange for fish and vegetables.
She said the villagers are tired because they can only access cash if they take their wares to Owerri.