Following the introduction of a N100,000 weekly cash withdrawal limit policy imposed on individual accounts by the Central Bank of Nigeria, CBN, traders at Dawanau grains market in Kano decried that the policy will catastrophically take a toll on their businesses.
The traders said most of their customers are rural dwellers who do not even have a bank account, adding that they mostly complete a transaction with them in cash.
“Our customers are mostly rural dwellers who do not even have a bank account for you to send them money through. How can we engage them in business in this context?” one of the traders at Dawanau market who does not want to be mentioned told BBC Hausa.
He said when rural farmers brought their grains to the market for sale, all they want is to get their money paid to them in cash.
In addition, women traders at the market who oftentimes extract oil out of groundnut said if implemented, the policy will cripple their businesses.
One of the women at the market said she does not even have a cellphone let alone a bank account.
