To alleviate the tension caused by the scarcity of new naira notes in circulation, the leadership of Sokoto Market Associations has agreed to accept E-Naira transactions for their business.
Speaking on behalf of the association, Alhaji Yaro Gobirawa said he would mobilize his members to support the cashless policy in order to reduce the amount of money in circulation.
Gobirawa told reporters shortly after meeting with officials from the Central Bank of Nigeria in the state on Wednesday that his members were ready to embrace the E-Naira transaction as the way forward.
Gobirawa, on the other hand, asked the CBN to advise commercial banks in the state to dedicate more staff and desks to serving its members.
He also urged CBN management to ensure that more new naira notes are in circulation to alleviate the current strain on state residents.
Earlier, Dahiru Usman, the Sokoto CBN Branch Controller, praised the market’s leadership for its ongoing cooperation with the bank.
The controller also stated that the central bank will send some of its information technology personnel to various points in the market to assist traders in the development of e-naira applications.
He also revealed that the CBN is launching a naira note swap for residents earning N10,000 or less.
This, he said, would allow residents to alleviate the current pressure and stress brought on by the new naira notes.