Recall that the Central Bank of Nigeria earlier this year, redesigned the naira notes; 100N, 200N, 500N, and 1000N notes. Nigerians were mandated by the CBN to return the old naira notes in their possession to banks nearest to them in exchange for the newly redesigned notes.
However, Nigerians soon realized that even the newly redesigned naira notes have become very hard to come by as banks kept claiming that they had no cash to dispense to their customers.
POS terminals weren’t helping the situation either as they keep charging outrageously for cash withdrawals.
As a result, online transactions were expected to take over and keep on the rise. However, the reverse became the case as most of these transactions kept failing to lead to an E-Payment drop.
According to BRAND SPUR, “Multiple failed transactions have caused a sharp decline in the value of cashless transactions from N39.58 trn to 37.67 ten which is about 4.83% of what was recorded in January 2023”.
Data from NIBSS(Nigeria Inter-Bank Settlement System PLC), revealed that the value of transactions done via POS rose from N807.16 bn in January to N883.45 bn despite the outrageous amount charged for withdrawals and the scarcity of cash even in banks.
Due to the extreme pressure on E-banking, transactions have been faulty and have left many Nigerians stranded.
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