Operators of mobile processing cash terminals also referred to as Point of Sale (POS) operators are not in good mood in Benin City due to a present shortage in cash flow in society.

Unlike few days back when they made brisk profits, collecting between two to three hundred naira as charges from frantic customers on every one thousand naira note dispensed since customers were desirous to beat the naira swap deadline, they now stare into empty space.

POS operators are presently hit by the non availability of naira notes. Those approached claimed not to be in possession of even the old notes which are still recognized legal tenders for use in Nigeria, at least, till February 10, 2023. Many were seen sleeping at duty posts or engaging in other activities due to the non availability of both the old and new naira notes with which to transact business.

Though charges now go for as low as one hundred naira for every one thousand naira swapped due to the naira swap extension deadline, residents of Benin are now a little strapped for cash.

A source who went round ten POS terminal points in the Etete axis of Benin recounts his ordeal - "I went to my regular POS vendor yesterday evening but met him sleeping. He said he had no money to dispense. Worse still, he revealed that business was so bad for the day that his trekking home was sure since he had no cash at hand for transportation. He only needed two hundred naira as transport fare home. He was optimistic of an inflow of cash from the bank for the next day.

"I repeated the visit today. Result was same as yesterday. He still doesn't have. So, I decided to patronise someone else. I went round ten POS stands in the vicinity. It was a fruitless journey. They neither had old or new currencies to give out."

A woman who identified herself as Jennifer while frowning at long queues at banks automated teller machines (ATM's) in the city said, "If you see ATM queue, you go respect Satan. I hold the small money wey dey my hands"

Another respondent, a civil servant who narrated his ordeal while querying the timeliness of the switch to a cashless system said he went to bank to make some withdrawal from his salary at the Ikpoba Hill axis at the close of day but got informed there was no cash at hand. After much plea, a female bank teller, on humanitarian ground, dispensed five hundred naira to him in ten naira denomination for use as transport fare home.

A young guy jocularly responding to my query on the emanating scarcity of funds stated, " Very soon, even if we want to buy Tomtom (sweet) we might have to make a transfer for that."

Though the Nigerian Central Bank Governor, Mr. Godwin Emefiele made it clear when he appeared before the Senate that old currencies would still be accepted by banks beyond the ten day swap deadline with assurances of availability of new currencies, his threats and promise of stiff penalties to defaulting commercial banks who break the flow chain of cash redistribution is yet to yield results as masses mill out daily in search of the naira notes.


http://stardustonline22..com/2023/02/naira-scarcity-hit-pos-stands-long.html

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