As scarcity of cash is biting harder in the country due to new naira policy introduced by Central Bank of Nigeria, CBN, operators of Point of Sell, POS are making brisk business in Lagos, BizPoint has gathered.
BizPoint reports that the country has been thrown into cash crunch since the apex bank announced January 31 as deadline for swap of N1000, N500 and N200 after redesigning them in December.
But, the policy has caused economic hardship on the citizens, especially after the POS operators decided to close businesses due to the deadline on old naira notes.
BizPoint gathered that the POS operators in Lagos are reportedly charging customers exorbitantly as they took the advantage of congestion at Automated Teller Machine, ATM centres.
READ ALSO: JUST IN: CBN extends deadline on old naira notes
Reports from the Nigerian most populous state indicated that the POS operators were charging up to N3,500 for N10,000 withdrawal.
A resident of the state, Tahir Sanusi described the situation as terrible.
According to Sanusi, the POS operators were charging to high because of the congestion at ATM centres in the state.
Narrating his experience, Sanusi said he was charged N1,000 per N3,000 withdrawal.
“The situation is terrible. The POS operators were charging exorbitant charges. They are charging up to N3,500 per N10,000 withdrawal.
“Like me, i went to a POS operator to withdraw N10,000, the woman said she could only give me N3,000. Even at that, she would charge N1,000 and give me N2,000.
“I’m calling on authorities to fix this problem. Nigerians are suffering,” he said.
BizPoint reports that the CBN governor, Godwin Emefiele, on Tuesday told a House of Representatives committee that commercial banks are mandated to continue accepting old notes deposit after the deadline.
