Citizens of Adamawa State, especially business owners are poignant to the limited circulation of new naira notes in their marketplaces.
Some business owners in Mubi, Adamawa Northern Senatorial zone before the extension of the exchange of the old naira note by the central bank have preferred to trade with Cameroonian CFA than the old naira note.
Abubakar Aliyu a commuter told TG NEWS that many filling stations are rejecting the Nigerian old note, collecting the Cameroon currency in place of the new naira notes limited in circulation.
An international hide and skin merchant in the popular Cattle Market in Mubi, Jafaru Hamman (Kokoye) said the currency scarcity has scuttled down transactions and cows owners prefer to collect the CFA than the old notes.
Kokoye, who is the Chairman of the Mubi International Cattle market association lamented that economic activities are going down to the extent that he traveled down to Kano in search Of the new notes but all to no avail.
He worried that the POS operators are gaining much over the marketers as every ten thousand withdrawals attract one thousand naira.
“We are dealing with local marketers that transfer of money is strange to them. They prefer a direct exchange of currency as many of them don’t even have bank account numbers.
“On every withdrawal of my one million naira I lose one hundred thousand naira. Because of this, I traveled to Kano in search of the new notes yet I didn’t get them.
“For how long will this continue, it’s entirely disrupting business activities in Mubi and our customers prefer Cameroon currency in transacting business with them, we have to look for CFA than Naira now” Hamman said
