It appears Nigerians are about to walk the road of Naira scarcity again like they did about the same time in 2022.
This is coming despite the assurance of the Central Bank of Nigeria CBN that there are enough Naira notes to go round.
Now, a nationwide scarcity of Naira is brewing, and it is triggering Point of Sale operators to increase their charges by 100%
The Association of Mobile Money and Agent Banking Industry in Nigeria announced this development on Tuesday.
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Explaining further, the secretary of the Association of Mobile Money and Agent Banking Industry in Nigeria, Elegede Segun, attributed the surge in fees to Naira scarcity.
Buying Naira Notes
Segun highlighted that PoS operators were particularly affected by the scarcity, compelling them to raise fees to sustain their operations.
He said that their members had to explore alternative channels to get cash since Banks had imposed limits on cash withdrawals, ranging from ₦20,000 to ₦50,000.
Segun revealed that PoS agents spend double to get cash from alternative sources like fuel station operators.
These fuel station operators now charge ₦1,600 for what used to be ₦800.
Acknowledging the challenging circumstances, he said: “It has been difficult. Our members have resorted to local arrangements to get cash”.
According to Segun, the scarcity forced operators to adjust their fees in response to the demand-and-supply dynamics.
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With banks limiting cash withdrawals, both at ATMs and over-the-counter, the situation has become more challenging for customers, especially with a maximum withdrawal cap of ₦50,000.
“Banks are not providing sufficient cash to customers, and people are resorting to self-help amid the scarcity,” he added.
Despite the Central Bank of Nigeria’s assurance regarding the availability of banknotes, the persisting Naira scarcity has left Nigerians grappling with the situation.
