Customers Groan as Cash Scarcity Disrupts Daily Life in Taraba

Residents of Taraba State are once again facing increased exploitation by Point of Sale (POS) operators amid the ongoing cash scarcity that has worsened in recent weeks. Reports indicate that many POS operators have taken advantage of the situation by raising their fees, imposing exorbitant charges for cash withdrawals and other transactions.

As the cash crisis continues, residents are left with few options, relying heavily on POS operators for access to cash. In some areas, operators are now charging N200 for every N10,000 withdrawal, a significant increase from the usual N100 fee. In certain parts of the state, the charges are even higher, reaching as much as N250 or N300 per withdrawal.

Some POS operators explained that their actions stem from the inability of commercial banks to meet customer demands. One operator shared his frustration, saying, “The banks are complaining of a shortage of cash. All my efforts to access cash from banks since last week have been difficult. I was only able to get N150,000 after going through the backdoor.”

A customer at a POS outlet in Jalingo expressed how the crisis has compounded the economic difficulties faced by the state’s residents, and she voiced concerns that unless the issue is addressed urgently, the Yuletide celebrations will be negatively affected, as people will struggle to access funds.

Some leadership at financial institutions also criticized the Central Bank of Nigeria (CBN), pointing to its role in the cash scarcity. Many customers have expressed frustration over the exploitative practices of POS operators and have called on relevant authorities to intervene to ensure fair and reasonable charges.

The situation continues to highlight the struggles faced by both residents and financial institutions in meeting the demand for cash, deepening the financial hardship for many in Taraba State.