DIFFICULT times it has been! The spiralling effects of the Naira redesign policy have continued to affect us all.
A situation where one has money in the account, but cannot access such funds is, to say the least, depressing and frustrating, not to mention failed bank transfers.
However, despite these hard times, some Point of Sales (PoS) operators have seen it as a means to cash out, or as it were, engage in a daylight robbery.
Interviews with residents show that this act is being perpetrated even by elderly market women, and this is how it works.
From the findings, some of these PoS operators, particularly at Igando (where the investigation was done), form a network.
Now, many of them approach bus drivers and 'buy' monies from them, sometimes at the rate of #150 for every #2,000. The higher they get, the more profit they make. They, in turn, resell these monies at the rate of #200 or #300 for every #1,000 to desperate residents, who need these monies either to commute or purchase items in the market.
Now, the chain is even more interesting; most sellers refuse electronic transfers, especially Garri sellers as according to them, those they purchase it from do not have bank accounts. Regardless, even on other goods, they still insist on cash.
When Mama Caro (not her original name) buys money at #300 per #1000, she goes to a shop and pays in cash. Now the market woman goes back to the PoS operator, and resells that money either at #100 or #150 per #1,000, depending on the agreement.
This is how the chain works. Understandably, there is a cash crunch in the system, but we mustn't do this to each other to survive.
As you struggle to fend for your family, others are also in the same struggle. Let's all add human faces as we go through these turbulent times.
