Brave Dickson
The persistent scarcity of the nation’s currency has forced small businesses in the coastal Kalabari communities of Rivers State to close down.
Recall that since the Central Bank of Nigeria introduced newly redesigned naira notes and the policy of cash withdrawal limit, the country’s legal tender plunged into persistent scarcity.
More worrisome is the fact that commercial banks have not sited their branches in these coastal communities, thereby making the residents of the area to solely rely on PoS for cash withdrawal.
With the scarcity of the naira as well as the daily limit placed on the amount to be withdrawn, the Point of Sale operators does not have the cash to dispense to customers.
This development had forced many PoS operators to close down while those who are still in business are charging N2,000 for every N10,000 withdrawn, which is against the usual charge of N400 for every N10,000 withdrawn.
From 12 pm each day, it is difficult to find a PoS that is dispensing cash as the PoS operators often run out of cash due to the scarcity of the naira.
The two existing banks in Abonnema and Buguma which are the traditional headquarters of Akuku-Toru and Asari-Toru LGAs have made it very difficult for customers to withdraw money due to hoarding and naira selling business.
Customers are now left with no money to patronize the small businesses in the coastal communities which have led to the closing up of so many businesses of perishable commodities.
