As Deadline Approaches, PoS Operators Surcharge for Redesigned Notes

The Central Bank of Nigeria (CBN) has fixed January 31 as the deadline for the use of the old naira notes. However, there have been appeals from various quotas to the CBN to extend the deadline for the collection of the old naira notes but all to no avail.

Meanwhile, some Point of Sale (PoS) operators in satellite towns of the Federal Capital Territory (FCT) are making brisk business with the new naira notes.
Some of the Pos outlets visited in Nyanya, Mararaba and Karu areas of the territory were either not dispensing the new notes or charging extra cash for them.

Miss Dera Akoh, an operator in Nyanya was charging N200 for each N2000 new notes dispensed.
She decried that banks were not also dispensing enough new naira notes to them.

”For every N2000 you withdraw, the customer will pay me N200.

”It is very difficult for us to get the new notes even in banks.

”I went to the bank yesterday and they gave me new notes for only N5000. It is not our fault,” she said.

Another operator, Mrs Peace Akande, also in Nyanya, said she charged N150 for every N1500 withdrawn.
She appealed to CBN to institute a monitoring mechanism for banks to ensure that they were not using the new naira notes for other businesses to the detriment of the masses.

Mr Isah Abdullahi, a PoS operator at Mararaba, said he did not have new notes to pay customers.

He appealed to the customers to withdraw only what they could spend before the deadline for the use of the old naira notes elapsed.

Mr Anthony Ali, a resident of a community in Lugbe area, said that operators were charging N500 for every N5,000 withdrawn.

”Throughout yesterday in Lugbe, if you want to collect N5000, the operators will pay you N4500 and collect their N500 charge as against N100 which they usually charge.
This is very frustrating. CBN needs to step up their actions.

”They should make these new naira notes available for people to use,” he said.

Also, the Automated Teller Machines (ATMs) in most banks visited along the Central Area, FCT, were not dispensing cash.

Some customers seen at Sterling and First Banks along the area regretted that the new notes were not in full circulation.

They urged CBN to make the notes available for people to access and use with ease.