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Due to a lack of naira, 50% of POS operators shut down stores

It has been reported that more than half of Point of Sale operators have shut down their businesses as the shortage of new and old naira notes gets worse.

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This was made public on Monday by Hussein Olanrewaju, the national chief aggregating officer of the Association of Mobile Money and Bank Agents in Nigeria. He claimed that their members’ circumstances have gotten worse as a result of the ongoing shortage of both new and old naira notes.

He criticized Nigerians for taking advantage of the situation to charge exorbitant fees while noting that agents should be given preferential access to the new notes.

He stated, “Operators are licensed bodies that provide agents with platforms on which they can leverage.” Since agents do not currently receive any special treatment to provide this service, more than half of agent shops are currently closed.

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