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Point of Sale (PoS) operators are experiencing a decline in business operations as the scarcity of cash in banks forces them to explore alternative sources. Recent weeks have seen banks grappling with a shortage of cash, leading to delays in customer withdrawals. The Central Bank of Nigeria (CBN) attributes this scarcity to the hoarding of the naira during the currency redesign project.

Despite assurances from the CBN that there is adequate cash to meet daily transaction needs, PoS operators are feeling the impact. Some have resorted to purchasing cash from market sellers and traders, incurring additional charges for acquiring cash. The scarcity has prompted them to seek funds from various channels, including deposits and alternative means, such as market transactions.

Operators report challenges in accessing cash through traditional banking methods, with limitations on ATM withdrawals and counter transactions. Some have even opted to streamline their PoS operations, reducing the number of machines in use due to the ongoing cash constraints.

Customers have also voiced their frustrations, citing difficulties in obtaining cash for transactions during the festive season. The impact extends beyond PoS operators, affecting individuals attempting to access funds for various purposes.

While the situation varies across locations, with some areas experiencing less severe cash shortages, traders relying on local suppliers in rural areas face challenges in settling payments. The ongoing struggle highlights the broader implications of the cash shortage on businesses and individuals, emphasizing the need for timely resolutions to ease the burden on the financial ecosystem.