Naira scarcity: Over 50% of PoS operators shut down

Over 50 per cent of Point of Sale operators have shut down their businesses as scarcity of the new naira notes persists.

Mr Hussein Olanrewaju, the National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria, made this disclosure on Monday.

According to him, their members are worse hit by the current naira scarcity.

He stated that some agents go extreme miles to buy the currency to remain in business.

He referred to those taking advantage of the situation to charge exuberate fees as unreasonable.

“Currently, Operators are not treated differently; hence, more than 50 per cent of agent shops have shut down as we speak.

“It’s worthy to note that some Nigerians have taken advantage of this situation to charge people unreasonable charges,” he said.

The Central Bank of Nigeria fixed February 10 as deadline to phase out old naira notes.