Residents Lament As Naira Shortage HITS These 3 States- See Details
As Christmas and New Year celebrations approach, residents in Kaduna, Kano, and Katsina States are facing severe cash shortages, reminiscent of similar issues during the 2022 holiday season. The News Agency of Nigeria (NAN) reports widespread frustration among residents, who are urging authorities to address the situation to avoid disrupting festivities.
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In Kaduna, Point of Sale (POS) vendors have expressed their distress over the cash crunch, with banks limiting withdrawals to a maximum of N20, 000. Many vendors noted that this shortage began at the start of December. Adamu Amadu, a POS vendor, mentioned adapting to the situation by sourcing cash from a businessman, increasing transaction fees from N100 to N200 for N10, 000. He questioned the readiness of Nigerians for a cashless policy. Similarly, Ibrahim Nur noted that he could only assist customers seeking small amounts, from N1, 000 to N10, 000, due to the scarcity.
Customers have also criticized the high fees at POS terminals. Bilkisu Moda shared her experience of visiting multiple POS centers in vain before finally withdrawing cash from an ATM after a long trek. Jamila Sani highlighted the additional costs, having paid N100 for a N5, 000 withdrawal, which she deemed standard but still burdensome. She called on the government to alleviate the difficulties faced by small business owners reliant on cash transactions.
In Kafanchan, residents echoed similar sentiments. Felicia Christopher, another POS operator, lamented the significant impact of the cash shortage on her business profits, noting banks’ limitations on daily cash distributions. Sadiq Abdulazeez, another vendor, revealed that he had to temporarily shut down due to the cash crunch. Event planner Bulus Audu criticized the lack of communication regarding the cause of the cash shortage, while civil servant Nathaniel Bawa questioned the annual recurrence of cash scarcity during the festive season, urging governmental intervention.
In Zaria, businessman Malam Bilyaminu Musa reported that grain merchants resorted to sourcing cash from other regions, as local markets struggled with cash availability. He noted that while prices remained stable due to influxes of merchants from other areas, many farmers preferred cash transactions over electronic payments, complicating sales during the harvest season. Musa emphasized the challenges faced in accessing cash from banks despite having funding from partners for larger purchases.
Meanwhile, customers and POS operators in Zaria have voiced their frustrations over banks’ inability to dispense cash. Many reported being turned away at ATMs, citing cash shortages. Malam Awwal Abdullahi, after searching multiple ATMs, expressed disappointment in the lack of available funds and urged regulatory bodies to take action against banks failing to maintain adequate cash supplies.
In Kano, residents are increasingly dependent on POS services, which are also affected by the ongoing cash crisis. Aliyu Yakubu lamented the difficulties in meeting daily expenses, as businesses and transport systems struggle without physical cash. He urged authorities to investigate and penalize those responsible for the shortages. Aminu Yusuf echoed this sentiment, describing his challenges in completing transactions with customers, while civil servant Aisha Ali expressed her frustration at being unable to access her funds for essential purchases. POS agent Nura Abubakar attributed the difficulties to frequent POS terminal failures and high transaction fees imposed by banks.
Overall, the cash crisis in these states poses significant challenges for residents, particularly as they prepare for the festive season, highlighting the urgent need for effective solutions from the government and financial institutions.
