As the lingering cash shortage across the country continue to lead people to desperate measures Abuja Network News uncovers another major challenge hindering the free flow of the cash that will lead into a major crises if left unchecked.
Majority of small and medium business owners are hoarding the little cash that's coming into their coffers in fear running out of cash which will be disastrous to their businesses.
Our investigation reveals that while some are hoarding the cash for their personal use others have a different motives for doing so. They are hoarding the cash and letter sell the same to POS operators who in return charge exorbitant price to issue same to customers.
As at today POS operators in Lugbe village a suburb of the FCT charge as high as 800-1000 Naira for each N5000 withdrawn.
It is not only worrisome but also disturbing that regardless of this exorbitant charges new Naira notes are no where to be found because even POS operators hoards same for fear of the unknown.
If people continue hoarding the little cash they can lay their hands on rather than allowing same to circulate then we are facing another major crises which will be worst than the first.
So far nothing is certain and all eyes are on the federal government hoping they stay true to their words ensuring efficient supply of the new notes.
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