•FCT operators cry out over naira crunch
From Charity Nwakaudu, Abuja
business is quite brisk now for Point of Sale (PoS) operators due largely to the introduction of new naira notes. Some of them in the Federal Capital Territory (FCT), Abuja, spoke Daily Sun.
Thelma Uwa, operates at Banex Plaza, Wuse II District: “Two days ago, I could not open my PoS stand because I didn’t have cash. But today (last Friday) and probably tomorrow I will be on ground to attend to customers.
“Really it is not funny with us, too. People are complaining that we are selling the notes whether new or old. The truth is that we bought this money too from where we got it. We can’t be at loss. As we buy, we have to also sell to get back our money.”
She exchanges N1,000 note for N200: “That is the same price I bought from a filing station at Dutse, Bwari Area Council. This policy has brought lull to our business and suffering to Nigerians.
“Truly this is wickedness. I have not seen any big man or politician coming to buy naira notes from me. All I see are people who have struggled to make a living and all this is happening to them. May God help us.”
Another PoS operator in Ushafa, Mrs Oderinde Busayo, said: “I cannot be at loss. I went to the filling station to buy this cash despite the fact that it is the old notes. I bought N20,000 for N2, 400. I have to recover my money.
“I cannot collect any transaction of old naira notes. My bank account officer said as at Friday, (February 10), if I had old notes I should send it to the bank quickly. I did and now I can only do business using PoS, transfers and new naira notes else nothing.
“We as operators are feeling the brunt of all the naira notes swap.
Since Friday, I have not been able to make any transaction using cash because it is not available. Even at the filling station they sell old notes. With the advice from my account officer I don’t want to transact with old currency.
“PoS business using cash is on hold pending the time I get new notes.
But for ATM transfers or any other cashless transaction using PoS, I can transact.”
Elizabeth Bukola operates in Utako: Even before the January 31 deadline, I stopped operating with the PoS having to do with cash. I don’t even have the new notes and I don’t want to be stressed about it.
“But any other transaction that is cashless I will do it comfortably.
From the February 10 deadline I will not accept old notes. Nothing is certain unless the Federal Government or the Central Bank of Nigeria, CBN, extends or allows transaction with old notes.”
Susan Olwotu from Nyanya, said: “My business has been down since the beginning of this naira swap despite claim that this is our season.
“This change of note has really affected my life and everything around me. I closed my PoS shop since February 5, 2023, due to lack of new notes and customers were rejecting the old ones.
“People are saying that we are making a lot of money this season. To me it is not true. There is no cash anywhere unless you have people in fuel station.
“They help you by selling their money to you for you to resell. I did that twice but it was too stressful. The return from it is not much I decided to rest.
“The suffering in the country has increased since the start of this money swap. It is affecting everybody. I want to plead with the authority to please make it straight.
“Now there is shortage of the new notes. We are scared of collecting the available old ones. They should come out clearly and tell us what to do. We don’t want to lose the little resources we have.”
A PoS operator in Wuse Market: “I am not comfortable with what is happening. Before the swapping of the notes I made at least N10,000 daily. My shop is at a strategic point. I decided to lock up my shop because after buying from others, hiding to sell, I end up not making
any reasonable profit.
“Most of us rely on only this business. Our families are really suffering. We now stay at home. Only those who are ready to take the risk open daily.
“Government should look into the matter. That January 31 deadline nearly set the country ablaze. Then February 10, we are confused. Some are saying February 17, while others are saying June.”