Business
PoS Businesses Boom As Naira Crisis Intensifies
There have been business boom for Point of Sale (PoS) operators in Port Harcourt, following the financial crisis warranted by the naira redesign policy of the Central Bank of Nigeria (CBN).
An operator, who pleaded anonymity, said the current cash crunch brought life into some POS businesses that were hardly able to generate income on a daily basis before now.
He said now, operators charge fees ranging from 10 to 30 per cent, hence their bank accounts are experiencing boom seasons.
“We thank God. It is just our time. As you know, every business has its own time to flourish.
“When we started this business, we could hardly see people the way we are seeing them now. However, we were just surviving like that. But now, sometimes you even hide or switch off your phone because you cannot guarantee that you will serve people with what they are looking for – the cash”, he said with a smile.
Speaking about the improvement of the business over the past few weeks, he said, all he could do was thank God for the blessings despite the challenges of getting the money to give to people.
PoS operators say their businesses had improved due to the high demand for cash, especially the new naira notes, despite the general misgivings arising from the uncertainties surrounding the policy.
In one of the markets, a PoS operator said, she bought naira from the big supermarkets at a very high rate, adding that “N100,000, new notes could attract N20,000 or N30,000 cash as the case may be”.
Another Operator, Mr. Ike Adindu, admitted that the business, which was becoming popular and growing by the day in the state, especially among youths, had seen rapid growth in the last few weeks as they have become the most sought-after by people who need their services.
The minimum being charged by these operators starts from N200 for every N1,000 to as high as N2,000 for every N10,000.
But another PoS operator, Chidi Okorie, said he could not afford to charge less than N200 per transaction as that was what would cover the troubles gone through to get the money for the people.
“I won’t lie, I charge N200 for every N1,000 because I go through a lot to get it. If it is that easy, then let everyone go and get it.
By: Lilian Peters
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
