In their efforts to overcome the difficulties and hardship created by the current naira scarcity, residents of the Federal Capital Territory (FCT) and Point of Sales (POS) operators have now resorted to buying the naira notes directly from traders and businessmen and women in their locations.
Investigation conducted by our reporter showed that POS operators now lay siege at the markets, especially at the close of the days’ sales to buy whatever currency is available from the traders, to be resold to the public.
This naira notes bought from the traders are further resold to the general public at higher rates.
For instance, a POS operators buys the sum of N1, 000.00 from the traders at the rate of N1,100.00, and sell it to their customers at the rate of N1, 200.00.
One of the POS operators, Michael, who lives at Kubwa in Bwari area council, told New National Star that it is even more profitable and less stressful to buy the naira notes from the traders and resell them to the public, instead of going to waste the whole day and time in the banks.
“Most times when you visit the banks, they tell you that there is no money, and even when they have the cash, you must give bribe before you get some money.
So, buying the naira notes directly from the traders in the markets and reselling them to our customers is better and cheaper for us in this business.”
Our reporter also observed that many traders have now become POS operators, because, according to one of them, it is an easy way of making money since the current naira scarcity started.
“The business is booming, because there is no scarcity of customers as far as you have the cash, people keep coming to collect and pay the charges.”
It is also a common sight to find queues of people waiting to be attended to by POS operators in various markets in the nation’s capital.
