Higher Naira Denomination Draw Back in Kano Markets

Business activities are currently being affected by the scarcity of lower naira denomination in the commercial city of Kano.
Most businesses and commercial activities are now transacted with a lot of stress of spending time looking for change when higher denominations are offered by customers.
Mallam Sani Saleh, a grain dealer at International Grain Market, Dawanau, told reporters that the time used in selling their products was now taking back stage.
Saleh said this was because more time was being spent looking for change of lower currency denominations when customers offered higher denominations.
‘’We are left with the option of praying to have a daily subsistence in the market and coping with our customer’s change issues. I have to ask a customer if he has change first before embarking on any sales.
‘’You may end up going round the entire market without getting change of N1,000 or N500. This has been going on for quite a while; since last year (2013) actually,’’ he said.
Investigation showed that denominations of N1,000 are also dispensed most of the time by Automated Teller Machines and customers are made to go to petrol filling stations for change.
‘’The way people come for change is alarming. Sometimes, you are afraid to give change because of fear that the money is fake.

‘’If by the end of the day you get a fake N1,000 or N500, you are in trouble,’’ a petrol attendant, Garba Ibrahim, told reporters.
The scarcity of the lower currency denominations also affects commercial vehicles and tricycle operators with most of them keeping passengers waiting in the vehicles while they look for change.