Long Holiday Upsets Bizness Operations Across The Nation

Information filtering in has revealed how the long holiday given by the Federal Government has upset business operations across the land.
According to a report available to societynowng.com

ECONOMIC activities in most cities across Nigeria were affected due to the unexpected declaration of a long holiday commencing on Thursday.

While business owners anticipated that the holiday would start today, the Federal Government declared December 24, 25 and 28 as public holidays.

This is to mark Maulud Nabiy, Christmas Day and Boxing Day, respectively.

When the Nigerian Tribune visited some deposit money banks in Lagos, it was observed that while many customers who had come to their banks for bulk deposits left disappointed, those who came for bulk withdrawal resorted to using Automated Teller Machines (ATMs), causing long queues at various ATM locations.

The Central Bank of Nigeria (CBN), also on Wednesday, closed the interbank foreign exchange market till January 4.

The closure, which is the norm in the banking sector, was expected to have been done not later than Monday, considering the position of the naira at the parallel market.
The naira had fallen to a record low of N280 to the dollar at the parallel market, after beating what was initially regarded as a 42-year-low.

The local currency, however, appreciated to N270 on Friday, after the sale of over $20 million by the CBN to the Bureau de Change operators.

The CBN is expected to pump more forex into the parallel market while the interbank foreign exchange market remains shut throughout the festive period, but analysts said it remains unclear if this will be done.

Industry watchers believe that with the interbank market now closed for the next 13 days, dollar scarcity may further rock the economy and the Naira may further depreciate below N280.

Some traders at Oshodi, who usually make daily deposits with banks, complained that they did not know banks would not work full day on Thursday.

As such, they decided not to display their wares for the whole day, since, according to them, “there is no guarantee of safety of their money.

The same applied to some petrol stations in Lagos and Ibadan.

According to Joseph Ibiye, a petrol attendant at Iyana Ejigbo, Lagos, “we have fuel but we cannot sell, because at the end of the day, there is nowhere to deposit the money.”

Lieutenant-General Abdulrahman Dambazau, Minister of Interior, had, in a statement signed by the Permanent Secretary in the ministry, Bassey Akpanyung, announced the public holidays in Abuja.

In Warri, Delta State, there was discontent among residents ahead Christmas celebration as many people could not access their bank accounts due to the BVN policy.

Since Monday, account owners had bombarded various banks, making frantic effort to withdraw their savings for the Yuletide fun.

Nigerian Tribune observed long queues at various banks across towns and cities in the state on Thursday, as they endlessly waited to access their account through ATMs.

Many customers, as of Wednesday, were not aware of a long public holidays beginning on Thursday, while they complained of their inability to resolve issues concerning the BVN before the holidays came calling.

Criminal activities have, however, upped as stories of how some individuals were robbed of millions of naira in cash were rife.

In Ogun, hundreds of bank customers had a hectic day withdrawing money at most banks within Abeokuta, the state capital.

Customers of most of the commercial banks stormed different locations as early as 7.00 a.m.
The queue of those who intended to withdraw money from the ATM of a bank located at IBB Presidential
Boulevard, Kuto area, was endless.

It was harrowing experience for those who queued at another bank inside the Oba Lipede Market, Kuto, as only one machine out of two was dispensing money to customers, while the other was not available for use.

It was the same story all over the state, as bank customers besieged ATMs to withdraw money to be spent during the long holiday.

However, business activities within the state capital, were not encouraging as a result of low patronage.

Equally, the fuel scarcity situation also affected business activities adversely, especially transportation, due to hike in fare.

In Kwara, lull in the economic atmosphere was largely dictated by persistent fuel scarcity in most parts of the state.

Nigerian Tribune gathered from motor parks in the state that commercial transport operators had increased fares by more than 20 per cent in almost all routes, particularly inter-state routes.

It was gathered that the average transport fare of N1,000 nd N1,200 from Ilorin to Ibadan had gone up to N1,200 and N1,400, while Ilorin to Lagos fare was N1,800 to N2,000 as against N1,600. The same hike in transport fares affected Ilorin to Osogbo, Omu Aran, and other areas.

Also, the commercial motorcycle operators, Okada, added N20 to the average N50 fares per normal drop.
With the persistent fuel scarcity in the state, long queues of vehicles were present at only few filling stations dispensing fuel.

The long holiday affected the economy of Kogi State as many residents were caught unawares by the announcement of holiday on Thursday.
Many had expected that the Federal Government would declare Friday and Monday as public holidays and did not prepare for that of Thursday.

Many bank customers had thronged their banks as early as 8.00 a.m. with the aim of transacting business but were shocked when they discovered that the banks were under locks and keys.

The situation, however, led to long queues at ATMs as customers resorted to the machines as last option.
Because of the long holiday, people were being careful with their spending, to ensure that the little they had was managed throughout the period.

Mostly affected are recreation centres, eateries, children centres, among others.

In Oyo State, especially the capital city, despite the lingering fuel crisis, traffic remained heavy in notable locations.

From Challenge to New Garage, Apata, Ologuneru, Dugbe, Iwo-Road, Old Ife Road, motorists had hectic time moving freely.

Other forms of transportation in the city – okada and Keke NAPEP, were not left out, as residents were in last minute rush to get to their destinations.

For most businesses, it was late before it dawned on them that official businesses would resume on Tuesday.

As early as 5.00 a.m. on Thursday, people were seen at ATM locations in the city, while most businessmen were afraid of keeping huge cash at their various business outfits.

Most filling stations visited had to control the proportion of their sales, since they would not want to keep huge cash deposit in their safes.

A notable e-banking location was a beehive of activities on Thursday, while major markets – Alesinloye, Agbeni, Gbagi and Dugbe – witnessed high turnout despite claim of cash crunch.

A distributor told the Nigerian Tribune that she had to close her outlet, since many of her customers had to book for goods at the bank before delivery to them after showing the teller for payment.

While speaking with the Nigerian Tribune, she lamented that as a result of the long holiday, she would not be able to meet her target, as she would have to close her outlet for three working days.

The situation is the same in Kano, as many could not afford to buy fowls as their prices have gone up.
At the Abubakar Rimi Market at Sabongari, people lamented the high prices of commodities.

Mrs Esther Aboderin told the Nigerian Tribune that “I do not think I will buy fowl for my family this year, because the price is too high.”

Also one Mr Owel Chukwu at Tarrauni Market said compared with the prices of last year, prices of fowls had gone up.
He said the fowl he bought last year ranged between N1,500 and N2,000, adding that this year, prices vary between N2,500 and N3,000

When the Nigerian Tribune visited traders selling tomatoes, pepper, onion and other food items, it was the same story.

….Tribune ( Chima Nwokoji, Ebenezer Adurokiya, Olayinka Olukoya, Biola Azeez, Yinka Oladoyinbo, Oluwole Ige, Tunde Ogunesan and Kola Oyelere)