May 19, 2024
Vinikilang Hayin Gada along, Mudi-Yola Road, jimeta, Adamawa State, Nigeria
Economy News

Currency Redesign Policy has enhanced our Financial Literacy: Adamawa Business Women.


Gloria Abutu

Business women in Adamawa state have said the naira redesign policy of the federal government has enabled them to embrace digital technology.

They made this known during an interview with Fombina News in Yola.

The currency redesign policy was introduced by the Central Bank of Nigeria, CBN on October 26, 2022.

The aim of the policy, according to the apex bank is to swap the old 200, 500 and 1,000 naira notes with the redesigned notes as well as to migrate the country from a cash-based to cashless economy.

The cash crunch occasioned by the policy has forced business holders, to switch to mobile and online payment services that are now being adopted by many small scale businesses.

A business woman, Tata Evon runs a provision store in Yola metropolis.

According to her, with the scarcity of cash that came with the naira redesign policy, she had to switch to mobile payment services which has helped her business grow in terms of accountability.

She also added that the mobile payment option enables her to carry out transactions with her suppliers at ease.

A food vendor in Vinikilang, Girei local government area Rifkatu Mark on her part, said the policy brought untold hardship that almost led to the collapse of her business.

According to her, she was forced to accepting mobile payments however, some customers lied about making payments and blamed network providers for late alert.

Mrs. Theresa Chukwu owns a business centre in Jimeta.

She noted that her business suffered during the period, adding that with the continued use of the old notes, the aim of the policy has been defeated.

Other respondents said the scarcity of cash, despite the adverse effects it had on their means of livelihoods, exposed them to various digital financial options, thereby enhancing their financial literacy.

They however appealed to telecommunication companies to ensure efficient network services to enable them carry out seamless transactions.

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