Naira scarcity pushes PoS transactions to 40% in January

Data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that Point of Sales (PoS) transactions rose to N807.16bn in January 2023.Information Guide Nigeria

This was as a result of the naira scarcity caused by the Central Bank of Nigeria’s currency redesign.

According to BUSINESS HALLMARK, this is a 40.69 per cent year-on-year increase from the N573.72bn transactions that was done in January 2022.

Total cashless transactions in Nigeria rose by 45.41 per cent y-o-y to N39.58tn in January 2023.

The Nigeria Inter-Bank Settlement System monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals.NYSC portal

Total NIP transactions for the period rose by 45.52 per cent y-o-y from N26.65tn as of January 2022 to N38.77tn as of January 2023.

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BUSINESS HALLMARK reports that usage of electronic channels for transactions grew by 45.50 per cent y-o-y from 438.48 million times to 638 million times in the period under review. According to the NIBSS, there were 955,234 deployed PoS terminals in the country as of January 2022.

Recall that the CBN announced a Naira redesign policy, daily and weekly withdrawal limits, and advised Nigerians to use electronic forms of transactions.

The implementation of the policy had been postponed from its initial January 31 deadline to February 10.

However, the new deadline is now subject to a Supreme Court judgement that has stopped the Federal Government from implementing its deadline.

As a result, Nigerians have been subject to long ATM queues, buying of the naira, failed transactions, and problems with banks’ mobile applications.JAMB Result

Riots have also broken out in some states over naira scarcity.

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