Operators of Point of Sale (PoS) shops in Zamfara State are grappling with the adverse effects of the prevailing Naira scarcity, which has compelled them to double transaction charges, consequently putting their businesses at risk.
Traditionally, the standard charge for withdrawals ranging from N1,000 to N5,000 stood at N100. However, in the wake of the currency shortage, this fee has surged to N200, marking a 100 per cent increase.
Speaking with some of the operators, it became evident that their predicament stems from the acute shortage of cash supplied by banks. Musa Magami, stationed in the Tudun Wada area of Gusau, the state capital, elucidated, “We have to incur additional costs to obtain operational funds, surpassing the customary charges.”
This sentiment was reiterated by Usman Magaji, who emphasized that failure to adjust the transaction fees would spell doom for their businesses. Blaming the banks for the ordeal, he implored the Central Bank of Nigeria (CBN) to intervene and alleviate the challenges posed by the Naira scarcity, thereby safeguarding the operation of legitimate businesses.
Shuu’abu Malami, another affected operator at Birinin Ruwa, underscored that numerous peers have already succumbed to the adverse effects of the scarcity, forcing the closure of their establishments.
The impact of the cash shortage resonated across various banks in Gusau, with reports of empty Automated Teller Machines (ATMs) leading to stranded customers. David Akindele, a bank customer, bemoaned the situation, lamenting the potential dampening of Christmas celebrations for many due to the inability to access hard-earned funds.
Amidst the unfolding anguish, Akindele’s stark assertion that “Nigeria is still a country, not a nation” underscores the gravity of the economic injustice plaguing the populace, transcending individual ramifications to paint a broader portrait of disenchantment amid the citizenry.
As the festive season beckons, the plea for a swift redress of the Naira scarcity dilemma resonates not just for the embattled PoS operators in Zamfara, but for the broader populace striving to navigate their daily economic pursuits.
