Nigerian traders have resorted to using Oduwacoin as a means of payment due to the shortage of naira in the country. This comes after the Central Bank of Nigeria (CBN) set a deadline for the deposit of old naira notes and declared the N500 and N1,000 notes as no longer legal tender in the country, exacerbating the naira crunch.
In a bid to mitigate the effects of the naira shortage, traders in the country have now turned to Oduwacoin to receive payments for goods sold. Oduwacoin is a digital currency that offers fast, efficient, and secure transactions.
According to Sadiat Ajoke, a frozen foods seller, without her brother-in-law who introduced her to Oduwacoin, she would have had nothing to sell as customers had no cash to patronize her. While she acknowledges that nobody is against the government instituting a cashless policy, she wonders if the country is ripe for it, considering the unreliability of banks.
Another trader, Ikechukwu Emenike, who runs a boutique, said he prefers to receive payment in Oduwacoin because it is fast, efficient, and more reliable. He notes that there is no money in the economy, and making transactions now takes several hours, sometimes days, to be successful. He can no longer deal with such difficulties and that is why he chooses Oduwacoin.
The shortage of naira has affected many traders, and the adoption of Oduwacoin offers a temporary solution. However, there are concerns about the sustainability of the digital currency and its impact on the economy in the long run.
