Acute naira cash scarcity has hit Ilorin, Kwara State capital, DAILY POST reports.
Findings showed that while banks mop up old currencies from circulation, new naira notes are not easy to come by.
The banks also complained that less money is being deposited by customers, hence contributing to the scarcity.
The development has affected both Point of Sales, PoS, operators and bank customers.
PoS operators and bank customers are only allowed to withdraw between N20,000 and N50,000, depending on the bank .
While N50,000 could be collected across the counter in the banking hall, only N20,000 is allowed through the ATM.
Consequently, some PoS operators have increased their charges on withdrawals, as some charge N100 on N5,000 withdrawals, while others charge N150 depending on the location.
Efforts to reach relevant officers of the commercial banks and the Central Bank of Nigeria, CBN, for comments on the development did not yield results as they claimed they were not officially allowed to comment on the matter.
However, some PoS operators who spoke to DAILY POST in Ilorin on Monday, complained that the development has affected their businesses adversely.
Bosede Benjamin, a PoS operator on Kabba road, very close to the CBN in Ilorin, said, “Since we are unable to collect enough cash from the banks, we look for legitimate alternatives to run our businesses.
“The banks have no clear explanations for us except to tell us that they don’t have enough cash.”
Isiaka Ismail, another PoS operator at Maraba area of Ilorin metropolis, said, “We only collect between N10,000 and N20,000 from the banks as they also complain of cash scarcity.
“I have been forced to seek alternative sources with wealthy businessmen, when I buy N500,000 cash, I pay an interest of N5,000 to operate my business.
“I have however, refused to impose additional charges on withdrawals because I don’t want to compound the hardship of my customers.”
In his own reaction, Taofeek Isiaka Lawal, who operates his PoS business in the Sango-Kulende area of the state capital, said the problem has continued for some weeks without concrete solution.
He also complained that the development has “seriously affected businesses, particularly as the festive season is around the corner”.
Residents lament as cash scarcity bites harder in Kwara
