Point of Sale (PoS) transactions in Nigeria totaled N6.23 trillion between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This figure represents a 7.4% decline from the N6.79 trillion recorded during the same period in 2023, highlighting significant changes in consumer behavior and spending patterns.
A detailed analysis of the NIBSS data reveals varied monthly trends throughout the first half of the year. January saw an increase in PoS transactions, which rose by 5.3% to N850.09 billion, up from N807.16 billion in January 2023. However, the momentum was short-lived as February recorded a decline, with transactions falling to N805.05 billion, an 8.9% drop from N883.45 billion the previous year.
March experienced a more pronounced downturn, with transactions plummeting by 16.5% to N961.86 billion, down from N1.15 trillion in March 2023. The downward trend persisted into April, where PoS transactions dropped significantly by 22.3% to N811.78 billion, compared to N1.04 trillion in April of the previous year.
In May, however, a reversal occurred, with PoS transactions increasing by 16.1% year-on-year to N868.66 billion. June saw a slight decline again, with transactions dipping by 1.3% to N930.76 billion, down from N943.38 billion in June 2023. The trend shifted positively in July, as PoS transactions rose by 8.9% to N1.005 trillion, compared to N923.32 billion in July 2023.
These fluctuations in PoS transaction volumes indicate a complex landscape of consumer spending in Nigeria, influenced by various economic factors. As the year progresses, stakeholders will be closely monitoring these trends to better understand their implications for the retail sector and the broader economy.
