Following the Central Bank of Nigeria’s recent cash swap policy and lack of new naira notes in circulation, many Point of Sale (POS) operators in Lagos have decided to cash out on residents.
Nairametrics gathered that POS operators now charge much more than usual for cash withdrawals and transfers, blaming the excess charge on the difficulties they face while getting cash.
Some of the POS outlets visited in Ojota, Abule-Egba, and Ikeja axis were either not dispensing the new notes or charging extra cash for them.
More reasons for increased charges: Mrs. Victoria Babatunde, a POS operator in Abule-Egba, was charging N500 for each N5000 notes dispensed whether old or new notes. She explained that banks are not dispensing enough new naira notes which makes it very difficult to access the banknotes.
Consequently, POS operators who manage to get their hands on the new banknotes increase their service charges to make up for the stress they go through to get the cash.
She also complained that apart from it being difficult to get new notes from the banks, it is becoming difficult for her to maintain her business because most times, she does not even have enough cash to dispense to customers.
Another POS operator in Ojota, Iya Tobi, complained bitterly about how the banks are dealing with them by not dispensing the new notes, saying she took a loan from traders since banks and ATMs were not ready to dispense money, adding that the amount charged included the money borrowed.
In case you missed it: President Muhammadu Buhari recently granted the Central Bank of Nigeria’s request to extend the deadline for exchanging old Naira notes for new ones. Now, instead of January 31, 2023, the new deadline is February 10, 2023. Following the Central Bank of Nigeria’s (CBN) recent cash swap policy and lack of new naira notes in circulation, many Point of Sale (POS) operators in Lagos have decided to cash out on residents.
Despite the extension, for reasons best known to them, several commercial banks have not been issuing both old and new naira notes at their ATMs.
Lagos is even better, at least they have a little access to cash,
Here in Delta State, having access to cash is a no go area, while POS Charge 1000 for 5000, 2000 for 10000,
Another part filling station that’s supposed to have POS for transactions doesn’t
Nairametrics should also learn that it is not all about the stress to get naira notes m, what matters, in this case, is the fact that those POS in my area is buying the nites from residents and business owners at 7% of your requested amount.
Nigeria government falls in the Trap of Burocrazy .this implementation of new naira notes and not able to distribute new notes to all the bank create havoc among the public .
Honestly some time I wonder why nigerian government give this much stress to common man .beacsue they sold their vote for N1k and elected them on power .
No fuel, no electricity, No new Naira notes .no USD avaialble. The food index is on above the pay grade, the rent is on above pay grade. The government failed mismberly .it is not this government alone .we respect the policy makers .but they don’t have clear picture to create this Good resourful country to a beautiful country .rather they introduce non popular ideas to cover up government failures .so that common man can busy always and doesn’t do deep dive and seek to understand whether the country is growing or not .
Each infrastructure project delay unduly why ? Because the contractor can’t meet up the time line due to the excessive pricing of the commodities used to build. And more over the delay is forcefully implemented. Due to this heavy traffic on the road .People spend more time on commutation .as a underdeveloped country this is not a good sign of progress this pulling you backward .
Let the public think before electing the police makers as per their credibility and not to their affliation to any political setup .