Skip to content Skip to footer

Charges Of POS Operators Increases As Naira Scarcity Persists

Governor of Central Bank Of Nigeria [CBN], Mr Godwin Emefiele, has directed commercial banks to begin the payment of the redesigned naira notes to customers over the counter. Emefiele gave the directive in a statement posted on CBN Website on Thursday and signed by the Director, Corporate Communications, Mr Osita Nwanisob. He noted that the new directive would address the challenge of queues been experienced at the various commercial banks across the country.

Emefiele literally said, “while reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.”

According to what he said and prior to how the issues can be resolved, the commencement of the payment of the redesigned Naira notes over the counter is subject to a maximum daily payout limit of N20,000. The governor also said the bank had observed with grave concern, the activities of persons who were selling the newly redesigned banknotes and the queues at ATMs.

He expressed worry that unregistered persons and non-bank officials had been swapping banknotes for members of the public, purportedly on behalf of the CBN, among others.

The CBN boss also noted that It was collaborating with the relevant security agencies to address the unpatriotic practice. Meanwhile, Point of Sale (POS) agents in Lagos have begun to take advantage of naira notes scarcity to demand extra charges on every transaction made by customers.

The News Agency of Nigeria (NAN) reports that most all the PoS agents visited around Ebute-Meta, Oyingbo and other parts of Lagos had increased their charges from 0.02 per cent to 10 per cent on every N5,000, while 0.03 per cent to 10 per cent on transaction between N5,000 to N10,000. It was also reported that most customers who were in dire need need of cash were seen paying the charges.

The operators also said the increase in the charges was to compensate them for the man-hour lost at the long queues experienced while at banks.

The Central Bank of Nigeria (CBN) had ordered banks to load their Automated Teller Machines (ATM) with the new naira notes to ensure Nigerians had access to it. The redesigned naira notes, comprising N200, N500 and N1000, came into use on Dec.15, 2022, after they were unveiled by President Muhammadu Buhari on Nov. 23, 2022 in Abuja. The CBN had earlier fixed Jan. 31 as deadline for the collection of old naira notes, but later extended the time limit to Feb. 10.

The CBN governor, Mr Godwin Emefiele, said the extension was to allow Nigerians that had naira legitimately earned and trapped, the opportunity to deposit their money for exchange. Mr Obiora Chikezie, a bank customer, described the situation as shameful.

“It is a shame that a policy that would have benefited every citizens has now been sabotaged, and has become an avenue for POS operators to make brisk business. “I just bought old naira notes of N10,000 for N12,000,” he said. Another customer, Mrs Philomena Belema, expressed the same disappointment.

Show CommentsClose Comments

Leave a comment