The Ever-Changing Nigerian Landscape: Reflecting on Recent Currency Turmoil -By Shalom Kasim

In a country where change seems to be the only constant, Nigeria has witnessed yet another episode of economic upheaval. Just a few months ago, Nigerians found themselves caught in a whirlwind of currency changes that left many in a state of confusion and financial difficulty. Today, as we observe the new charges imposed by Point of Sale (PoS) operators, it is crucial to reflect on the past and remember the challenges faced by ordinary Nigerians not so long ago.

The February Currency Crisis:
In February of this year, the Nigerian government declared the old currency, the Nigerian naira, illegal and no longer considered legal tender. This move came as new versions of the currency were introduced into circulation. However, the transition was far from smooth, as the new legal tender was not readily available, leaving many Nigerians with substantial amounts of money in their accounts but no means to use it.

Exploitation and Extortion:
During this tumultuous period, opportunistic PoS merchants took advantage of the scarcity of the new currency. They resorted to charging exorbitant fees, with reports of charging as high as N500 for every thousand naira transacted. This practice, bordering on extortion, further exacerbated the difficulties faced by Nigerians who were already struggling to access their funds.

A Glimpse of Hope:
Weeks later, the old currency was once again declared legal tender, finally allowing average Nigerians to utilize their money. However, the scars of this ordeal remain, serving as a reminder of the ever-changing nature of Nigeria’s economic landscape.

The Current PoS Charges:
Fast forward to the present, and Nigerians find themselves grappling with yet another development. The Association of Mobile Money and Bank Agents in Nigeria recently implemented new service charges for PoS operators, citing the need for survival in an increasingly challenging economic climate. These charges range from N100 to N800, depending on the transaction amount.

Voices of Dissent:
While some PoS operators support these charges, others, under the Concerned PoS Operators in Nigeria group, consider them outrageous and anti-people. They argue that these fees only add to the burdens faced by Nigerians, who have already been affected by the removal of subsidies and other anti-people policies. They propose a more reasonable fee structure that aligns with the prevailing economic conditions and urges the Central Bank of Nigeria to review its cashless policy.

So what, now?
Nigeria’s ever-changing economic landscape has been a source of constant challenges for its citizens. The recent currency turmoil and the current PoS charges serve as stark reminders of the difficulties faced by ordinary Nigerians. As we navigate these changes, it is essential to remember the lessons of the past and advocate for fair practices that alleviate the burdens of the people. Only through reflection and collective action can we hope for a more stable and equitable future.