#Featured #News

Small scale businesses closing down over cash crunch

Samuel Edu


Business owners particularly small scale businesses have lamented that the cashless policy has dealt a severe blow ton them.

While some said they have temporarily closed up their businesses since it has practically become impossible for them to continue, others said they are already at the verge of closing up.

Many workers also said they could no longer feed their families as they are out of jobs.

Adedara Omolola, who deals in mass production of pupuru said she witnessed the hardest time within the last two months ever since she started the business.

While lamenting that CBN and the government made people in her category pass through gruesome hardship.

“I am not educated and I personally do not have account number neither does any of my workers have an account, we deal with daily payment with cash.

“Most of my workers have left and it has become impossible for me to continue with the business.”

Narrating his ordeal, Omojuigbe Festus, a bricklayer said he was unable to go to work for two weeks as customers said they could only pay with transfer due to the naira scarcity.

“I am a bricklayer and  I do not have an account and for this reason, I no longer enjoy patronage as usual. I can no longer put food on the table for my family, the hardship is just too unbearable.”

Also, Omololu Olawunmi who manages a garri industry said “my experience over the last two to three months is not something I can really explain.

“I have never for once imagined that a time will come in Nigeria when one will labour so hard to make money and yet, one will still not be able to spend the money.

Related News  2024: Ondo Butcher's Union, Ifesowapo forum, back Aiyedatiwa/Adelami

“I run a garri industry and I deal with daily income earners who do not have bank account. At a point, I almost decided to close up down business because continuity was almost impossible.

“Although I have an account, my workers do not have, hence, I usually pay them with cash. I lost the services of majority of them as a result of this hardship.

Also speaking, Ogundipe Mary who deals in the production of locust beans said “none of the workers working with me have an account, so making payment for their services was very difficult and at times, I will have no other alternative than to pay them with food stuffs.

Narrating his own experience, the Ondo State president, Nigeria Association of Small Scale Industrialist, Ondo State chapter; Mr Great-Seyi Akintunde said it was the most difficult period in the history of Nigeria.

Another victim of the cash crunch, Obe Olawale said “my wife gave birth during this period and it was through Caesarean Session, the hospital said I have to pay with cash and I told them it is practically impossible for me to get cash.

“They detained my wife in the hospital till I was able to get the cash, it was indeed a tough and difficult time.”

Small scale businesses closing down over cash crunch

No House of Assembly petition yet in

Small scale businesses closing down over cash crunch

Gov celebrates President-elect, Tinubu @71

Leave a comment

Your email address will not be published. Required fields are marked *