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Nigeria: Naira Scarcity – Over 50 Per Cent of POS Operators Shut Shop

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Naira Scarcity - Over 50 Per Cent of POS Operators Shut Shop

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There has been an alarming closure of Point of Sale shops due to the current currency scarcity in Nigeria.

According to Hussein Olanrewaju, the National Chief Aggregating Officer for the Association of Mobile Money and Bank Agents, over 50% of their members have been forced to shut down.

Furthermore, some citizens are taking advantage of the situation and charging unreasonable amounts for services.

The Currency Swap Programme initiated by the Central Bank may provide a measure of relief, but carefully falling short with only 30,000 agents selected from 1.4 million available agents.

Mr Olanrewaju advocates that more agents need to be included in this programme for it to have any meaningful effect on Nigerian finance.

This article was updated 2 months ago

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