The Naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy has pushed Point of Sales transactions to $1.7bn in January 2023.
This is a 40.69 per cent year-on-year increase from the $1.2bn transactions that were done in January 2022. According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41 per cent YoY to $85.6bn in January 2023.
The NIBSS monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals. Total NIP transactions for the period rose by 45.52 per cent YoY from $57.7bn as of January 2022 to $83.9bn as of January 2023.
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