Point of Sale (PoS) operators are now fully back in business following a long break caused by the recent naira scarcity crisis in Nigeria. The Central Bank of Nigeria (CBN) has increased the number of old naira notes in circulation, providing PoS operators with more cash through commercial banks. This development has had a positive impact on the socio-economic activities of residents in the Ilorin metropolis, with business transactions picking up after a few months of low activity.
According to recent findings, charges on cash withdrawals imposed by PoS operators have also decreased significantly. While some operators used to charge a commission of N100 for every N1,000 cash withdrawal, others charged a minimum of N50 on every N1,000 cash withdrawn by customers. However, during the naira scarcity crisis, the operators charged as much as N250, N300, and N400 for every N1,000 cash withdrawal by customers.
Mama Ayo, one of the operators who spoke to a correspondent in Ilorin on Monday, complained that the CBN has refused to dispense the newly redesigned naira notes, with both the mint and tattered old N1,000 notes being in circulation now, alongside other denominations. She wondered why there were more old, tattered naira notes in circulation than the newly redesigned ones, as citizens had expected.
Commercial bank officials who spoke to the correspondent shifted the blame on the CBN for its failure to print and dispense new naira notes for circulation. Meanwhile, there has been a noticeable reduction in queues in banking halls and ATM points around the Ilorin metropolis.
Similarly, commercial transporters have brought down transport fares that had hiked in the outbreak of the crisis. Fares have gone from N150 and N200 per drop to N50 and N100, depending on the distance. This reduction in fares has provided some relief to commuters who were struggling to cope with the high transport costs.
The CBN’s decision to increase the circulation of old naira notes has provided some relief to PoS operators who have been struggling to operate due to the naira scarcity crisis. The availability of more cash has made it possible for them to offer better services to their customers at reduced charges. The reduction in charges has also helped to improve business activities in the Ilorin metropolis, which has been struggling in recent months due to the crisis.
However, the failure of the CBN to print and dispense new naira notes has left many citizens disappointed, as they had expected to see more of the newly redesigned notes in circulation. The blame-shifting between commercial bank officials and the CBN is not helping matters, as citizens continue to struggle with the effects of the naira scarcity crisis.
Despite the challenges faced by PoS operators and commuters, the reduction in queues in banking halls and ATM points around the Ilorin metropolis is a positive development. It shows that the efforts of the CBN to increase the circulation of old naira notes are having some impact on the banking sector. The reduction in transport fares is also a welcome development, as it provides some relief to citizens who are struggling to cope with the effects of the crisis.
In conclusion, the increase in the circulation of old naira notes by the CBN has had a positive impact on PoS operators, business activities, and transport fares in the Ilorin metropolis. However, the failure of the CBN to print and dispense new naira notes has left many citizens disappointed. The blame-shifting between commercial bank officials and the CBN is not helping matters, as citizens continue to struggle with the effects of the naira scarcity crisis.