The residents of Anegbette Community in the Etsako Central Local Government Area of Edo State have resorted to trade-by-barter as a means of survival as the naira scarcity lingers.
Recently, there have been protests and chaos across the country over the naira notes scarcity, with many commercial banks burnt and their members of staff attacked.
According to an online video, the mentioned Edo community, frustrated and impoverished by the ravaging naira scarcity orchestrated by the naira redesign and cashless policy of the Central Bank of Nigeria, decided to survive through trade-by-barter, as those who needed plantain brought fish or yams in exchange.
Trade-by-barter is the direct exchange of goods or services, without an intervening medium of exchange or money, either according to established rates of exchange or by bargaining. It is considered the oldest form of commerce.
An anonymous member of the community in the video said, “This is trade by barter taking place right now in my hometown, Anegbette in Etsako Central, Edo State.
“I posted it yesterday that we should start trade by barter. It has just started here right now. You bring your fish, you collect yam. You bring your plantain, you collect yam or you collect fish.”
SaharaReporters reported that at least three persons died in Benin last week, after a protest erupted at the entrance of the state branch of the CBN over the naira scarcity.
This was as residents of the state still in possession of old naira notes had stormed the CBN office, in compliance with its regulation, to collect the form that would enable them deposit their money and get credited afterwards.