Business
POS Operators Now Charge N1,000, N2,000 Or More On Every N10,000
“And it is irrespective of whether the customer gets old or new Naira notes”
The Point of Sale Terminal operators providing mini banking services, especially the provision of cash, in some of the communities in Lagos and Ogun states have adopted new charges SocietyNow.Ng confirmed.
There are claims – yet to be verified – that the same thing is happening in other states of the federation.
SocietNow.Ng gathered that many of the POS operators now charge N1,000 (One thousand Naira), N2.000 (Two thousand Naira), or more for every N10,000 (Ten thousand Naira) cash that a customer gets.
“And that is irrespective of whether the customer gets the old or new Naira notes” SocietyNow.Ng gathered.
A customer disclosed she paid N2,000 (Two thousand Naira) charge to get N10,000 from a POS operator in Ikeja, Lagos in the evening of Wednesday, February 1, 2023.
Sources confirmed paying N1.000 and N1,500 on every N10,000 from POS operators in Ota, Ogun state since.
SocietyNow.NG gathered from comments here and there that the charges mirror what operates in other parts of the states and beyond.
The number of 10,000 in every transaction is multiplied by the designated rate to determine the final charge for customers who want large volumes of cash.
“For example, customers who want N50,000 cash pay N5,000 as the final charge where the rate is N1,000 on every 10, 000 and N10,000 as the final charge where the rate is N2,000” SocietyNow.Ng gathered.
The information available revealed that the charges which formerly fluctuated between N200 (Two hundred Naira) and N300 (Three hundred) Naira) soared to N1,000 and more in the face of the scarcity of the Naira.
The Naira became scarce as the public make huge deposits of old Naira notes to banks in the struggle to meet the deadline given by the Central Bank of Nigeria (CBN) for the swap of the old notes, for the redesigned Naira notes, but get limited redesigned notes in return.
After an initial January 31, 2023 deadline, the Central Bank of Nigeria extended the date to February 10, 2023, due to intense public outcry.
