Naira scarcity: POS agents hike charges by 100%

There’s no end in sight to the scarcity of cash across the country even as Point of Sale (POS) agents have jacked up their charges by 100 per cent, checks by Daily Trust have shown.

The scarcity of cash has persisted in recent times despite the Supreme Court judgement which ordered that the new and old notes should remain legal tender.

But the judgement has not addressed the raging cash scarcity as banks have limited withdrawal for customers while Automated Teller Machines (ATMs) rarely dispense cash.

In Lagos, one of our correspondents visited several ATMs which were not dispensing.

However, the POS operators which were the available options for many people have now increased their charges, collecting N400 for N10,000 withdrawal instead of N200.

Large withdrawals causing cash scarcity in some locations — CBN

Why naira scarcity persists despite S/Court judgement

POS operators alleged that staff of banks are demanding the sum of N10,000 to get N100,000.

Right now, some operators are charging between N300 and N400 for N10,000, our correspondent further reports.

No cash in the ATM machine of Fidelity Bank by NIMASA Headquarters on Burma Road, Apapa; Access Bank, GTB branches on Burma Road, are also not dispensing.

In Delta, POS operators charge N700 for N20,000. They charge between N200/N300 for N5,000. In some places within Delta State, POS operators charge N300 for N5,000.

Mrs Ese Rebowhe who is a POS operator in Asaba said, “When you go to the bank to collect money, you will not get it as you want; maybe you want to collect N20,000, they will only give you N5000.

In Abeokuta, Ogun State capital, POS operators have increased their charges from N100 to N200 on N5,000 withdrawal, following the naira scarcity in the state.

Findings by our correspondent also showed that commercial banks have pegged the amount of money that can be withdrawn over the counter to N20,000/N50,000.

But at the ATM stands, customers can only make withdrawals of N5,000 to N40,000. “Only Sterling Bank pays N150,000 at the ATM stand and it’s only for the bank’s customers,” a customer said. A POS operator in Abeokuta simply identified as Favour POS told Daily Trust that she now buys cash in order to stay in the business.

“It has affected me a lot. As it is now, I am buying cash. And the reason is that I don’t want to stay at home,” she said.

The Central Bank of Nigeria had on Wednesday assured that there is enough cash in circulation while blaming hoarding for the scarcity.

From Abdullateef Aliyu (Lagos) Peter Moses (Abeokuta) Raphael Ogbonnaiye (Ekiti) Kelvin Meluwa (Asaba) & Usman Bello (Benin)