Point-of-Sale (POS) transaction values in Nigeria experienced a notable downturn in the first quarter of 2024, witnessing a decline of N225.73 billion compared to the same period in the previous year.
This decline, marking a 7.94% fall in POS usage, coincided with a surge in currency circulation outside banks.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN) highlight contrasting trends between POS transaction values and volumes, offering insights into evolving financial habits among Nigerians. However, with the CBN yet to release March 2024 data, the analysis is limited to February 2024 regarding cash circulation outside banks.
Source: Business Day