Residents Lament As Naira Scarcity Hits Northern States
As the festive season approaches, residents in Kaduna, Kano, and Katsina States have been left grappling with an acute scarcity of cash, drawing comparisons to the hardships faced during the currency crisis of late 2022.
Reports indicate that Point of Sale (POS) operators and bank customers are bearing the brunt of this crisis, with banks imposing limits on withdrawals and dispensing insufficient cash at Automated Teller Machines (ATMs).
Residents have expressed frustration at the high transaction fees and long queues at POS outlets and banks.
In Kaduna, POS agents lamented the rising difficulty of sourcing cash, with some increasing charges from ₦100 to ₦200 for every ₦10,000 withdrawn.
Adamu Amadu, a POS operator, said, “The demand for cash is high, and we’re struggling to meet up. We’re forced to increase charges due to limited availability.”
Similarly, customers have raised concerns about exorbitant POS fees and insufficient cash. Bilkisu Moda, a resident, narrated her ordeal of trekking long distances to find a functioning ATM, while Jamila Sani lamented paying high service charges just to access ₦5,000.
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The situation is no different in Kano, where residents complain about the persistent unavailability of cash. “I’ve visited multiple ATMs, but none are dispensing cash. The stress is unbearable,” said Aliyu Yakubu, a local trader.
Many businesses in the state have turned to cashless alternatives, but the adoption remains slow due to limited access and technical challenges.
In Katsina, grain merchants and traders at major markets have also been hit hard. Malam Bilyaminu Musa, a grain trader, explained that cash scarcity had disrupted their businesses, as farmers prefer cash payments to bank transfers due to mistrust and fears of fake alerts.
The ripple effects of this crisis have left POS operators unable to operate effectively, with some shutting down temporarily. “Banks are not giving us cash, and this has affected our business,” said Sadiq Abdulazeez, a POS operator in Kafanchan, Kaduna State.
Customers in Katsina shared similar grievances, decrying the lack of cash in ATMs and the banking halls. “I couldn’t access more than ₦20,000 at the bank, and POS operators are charging us unfairly,” lamented Abubakar Muhammad, a civil servant.
The Vice President, Kashim Shettima, recently urged the Bankers’ Committee to address the cash crisis and crack down on exploitative practices by POS agents.
Speaking at the 2024 Bankers’ Committee Retreat, Shettima emphasized the need for seamless cash availability to ease the hardships faced by Nigerians.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
