PoS OPERATORS HIKE CHARGES AS NAIRA SCARCITY BITES 

There is a growing case of scarcity of the naira in parts of Nigeria, which is heightening anxiety among Nigerians.

  Economy   Dec 10, 2023   0   98  Add to Reading List
PoS OPERATORS HIKE CHARGES AS NAIRA SCARCITY BITES 


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There is a growing case of scarcity of the naira in parts of Nigeria, which is heightening anxiety among Nigerians.

This scarcity is also forcing operators of Point of Sale (POS) to return to traders and petrol station attendants to buy cash (naira) from them. 

Already, the PoS agents are compelled by the situation to increase their transaction charges by 100%, from N100 to N200 for cash of N5,000. 

The Central Bank of Nigerian (CBN ) has however, blamed the situation on commercial banks for the current cash scarcity.

CBN said commercial banks are making large withdrawals from CBN branches nationwide yet imposing limits on withdrawals on customers both over the counter and at ATM.

Former Director of Communications at CBN, Isha Abdulmumin, said the apex bank has enough cash to go around.

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