PoS operators close kiosks as naira scarcity persists
Point of Sale (POS) operators are bemoaning the impact of the Naira scarcity on their businesses as the majority of them have closed their kiosks in anticipation of when they would have access to cash.
Recall that in the wake of the scarcity, PoS operators benefited from the chaos that greeted the Naira redesigned policy after the scarcity of Naira increased demands for their service.
They hiked the withdrawal charge from N100 for N5,000 withdrawals to N1,000 fee for N5,000 withdrawals, as they looked to profit from the scarcity.
According to Bolaji, a PoS operator in Lagos, Egbeda area, Naira scarcity is having a positive impact on some PoS businesses because some market men/women are selling cash to sustain their operations. Since they have the funds, they can continue to charge the same high-interest rates and generate more revenue in this situation of Naira scarcity.
“I mean some market women were willingly giving the money before so that we will use it and credit the money to their account without adding any kobo, but now, they will sell it for you with big interest so that PoS attendant will also add big interest to make a profit. This is a great corruption affecting the (sic) whole Nigerians.”
“Even if you meet someone at the bank that intends to deposit, the person will ask for payment because the person knows you want to use it.”
It would be recalled that the redesigned naira policy of the Central Bank of Nigeria has been greeted with great complaints by citizens due to the scarcity of banknotes in circulation.
The scarcity and long queues made angry citizens resort to protests nationwide which escalated to the burning and vandalising of ATMs and banks across the country.
More than nine state governors have so far challenged the naira policy in a suit filed before the supreme court, even though the court has halted the implementation of the new naira policy, the presidency has ordered the re-introduction of only N200 till April 2023, while N500 and N1000 ceased to be legal tenders.
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