Point of Sales, POS, operators in Kaduna state have increased their commission on money withdrawn as the scarcity of new notes worsened in the state.
Although several POS operators have locked their business outlets following the scarcity of new notes, the few ones operating charged higher commissions as they only allowed customers to withdraw a maximum of N5,000.
According to Mallam Musa, a POS operator along Ibrahim Taiwo Road, “I charge N400 Naira on N5,000 withdrawal.”
According to him, he took a loan from traders since banks and ATMs were not ready to dispense money, adding that the amount charged included the money borrowed.
Also, Mrs. Rose Musa, who operates in Kakuri, said customers pay between N200 and N300 on withdrawals between N2000, N3,000, adding that she took a loan from a cooperative society.
According to her, the banks are not ready to give out new notes as the scarcity persists.
Alhaji Mustapha, who said he withdrew N100,000 from a POS operator in Nasarawa, said he paid N8,000 as commission.
Meanwhile, customers flooded ATMs across the metropolis, waiting and expecting new currency, just as those who were frustrated looked for POS operators to make urgent withdrawals.
In other news, BREAKING: Banks Will Accept Old Naira Notes After Deadline, Says Emefiele
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has made a new announcement about the old naira notes.
He says banks will continue to accept old naira notes after the stipulated deadline.
Emefiele spoke on Tuesday when he appeared at an interactive session with the house of representatives ad hoc committee on the currency redesign and naira swap policy.
He said the CBN will also accept the old naira from banks after the February 10 deadline.
Emefiele made reference to the CBN act mandates the apex bank to continue to accept old notes after it’s expiration.
Section 20 (3) of the CBN act states: “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”.
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