As Christmas approaches with just one week to go, residents of Port Harcourt are expressing mounting concerns over a resurgence of cash scarcity, complicating preparations for the festive season.
Our correspondent reports that many traders in various markets across the city have been compelled to invest in their own point-of-sale (POS) machines to maintain their businesses amidst the cash shortage. These traders revealed that approximately 80 percent of their daily sales are conducted through personal bank transfers and POS transactions, despite the numerous challenges they encounter in the process.
Consumers shopping for food items also shared their frustrations over difficulties in withdrawing cash from local banks. Many reported lengthy wait times and limits on withdrawal amounts, adding to the strain during this busy shopping period.
In light of these issues, financial expert Ibigoni Fente has linked the cash scarcity to the Central Bank of Nigeria’s (CBN) limited cash supply and the anticipated increased demand associated with the upcoming Christmas and New Year celebrations. Fente emphasized that while the CBN is moving towards a cashless society, it must implement policies that alleviate the hardships faced by citizens during this transition.
Our correspondent further notes that the maximum cash withdrawal amount from several banks currently operating in Port Harcourt is capped at twenty thousand naira, exacerbating the difficulties for both traders and consumers as the holiday season approaches.