Following the inability of commercial banks to restore their services in local governments and towns of Adamawa State recaptured from Boko Haram, businessmen have resorted to the ancient means of transaction through trade by barter to exchange goods and services.
At the height of Boko Haram insurgency in the state, seven local governments were completely overrun by by Boko Haram before they were later liberated by Nigerian troops.
The seven local governments are Maiha, Madagali, Mubi North, Mubi South, Maiha, Song and Gombi.
In the wake of the invasion, infrastructure and other vital services, including banks, were destroyed by the insurgents.
Most of the facilities as at the time of filing this report, including banking services, were yet to be restored, making it difficult for residents of Mubi town, which is the commercial nerve centre of the state, and neighboring local governments to obtain cash for their daily transactions.
The only way to obtain cash was to travel a distance of between 300 and 350km, depending on one’s location, to access Yola, the state capital, which is the nearest town with banking services.
In order to avoid the trouble of going all the way to Yola, residents of the towns have resorted to trade by barter which is an ancient means of exchanging goods for goods or services as the case may be.
Chairman of Mubi Chamber of Commerce, Alhaji Abduladir Musa confirmed the development to newsmen, adding that to make life easy for them, residents have embraced trade by barter to obtain goods and services.
He noted that the method had substantially assisted the people as monetary transactions had become very difficult following banks inability to restore their services in the area. Click to signup for FREE news updates, latest information and hottest gists everyday
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