- Businesses in Lagos seem to be returning to life as a result of increased patronage due to customers’ accessibility to cash
- The cash crunch had affected the purchasing power of most Nigerians who could not readily pay for essential goods and services
- Many small businesses that were most affected have begun to experience improvement in patronage since the CBN ordered recirculation of old notes
Lagos – Many businesses have started breathing a sigh of relief, thanks to the recirculation of cash into the economy. Traders, workers, transporters, commuters and many others are now able to shake off the inconvenience caused by the scarcity of cash in the last few months and increase their purchasing power.
Particularly for business people, patronage has increased in the last week since the Central Bank of Nigeria ordered banks to disburse old naira notes to customers via Automated Teller Machines (ATMs) and over-the-counter.
