Naira Scarcity: Traders Now Transact Business With Cryptocurrency

As the shortage of naira continues to bite harder, traders have turned to Oduwacoin as payment method for their transactions, OduwaCoin is an open-source cryptocurrency that is created to empower the people of African descent.

Last year, President Muhammadu Buhari unveiled new naira notes, as the Central Bank of Nigeria (CBN) insisted on running a cashless economy.

To effect the adoption of the new notes, the CBN set a deadline for the citizenry to deposit the old notes with them.

Following Friday, February 10, deadline for the deposit of old naira notes, the Central Bank declared that the old N500, and N1,000 notes were no longer legal tender in the country, a development that intensified the naira crunch.

Mitigating the naira shortage, traders in the country have now turned to Oduwacoin to receive payments for the goods they sell.

A frozen foods seller, who identified herself as Sadiat Ajoke, said if not for her brother-in-law, who introduced Oduwacoin to her, she would not have anything to sell, as customers had no cash to patronise her.

“Nobody is against the government instituting cashless policy, but I wonder if we are ripe for it. The banks are not reliable, and nobody is here to open business and be counting losses,” she added.

Another trader, Ikechukwu Emenike, who runs a boutique, said he prefers to receive payment in Oduwacoin because it’s fast, efficient, secured, and more reliable.

“There’s no money in the economy, and to make transactions now, it takes several hours, and sometimes days, to be successful. Other times, you may be unlucky and the transactions would come out unsuccessful. I can no longer deal with such difficulty, and that’s why I choose Oduwacoin,” he stated.