PoS operators reap big as Naira scarcity persists

February 7, 2023
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Following the rising demand by Nigerians and scarcity of the Naira across the country, findings showed that sales of Naira notes continue to persist, despite CBN’s directives as the economy bites hard.

It was learnt that many POS agents now charge as high as 20 per cent on new Naira notes transactions, while some charge 10 per cent to 15 per cent.

While many of the POS transaction points visited on Monday had their shops locked because of cash shortage, the few that operated imposed huge charges on cash withdrawals over the weekend.

In Ikeja axis of Lagos, POS agents charged N2,500 for the withdrawal of N10,000 and N1,300 for the withdrawal of N5,000.

An Accounting and Financial Development don at Lead City University, Ibadan, Prof Godwin Oyedokun, said the currency crisis is self-inflicted, and the Central Bank of Nigeria and commercial banks should be held responsible.

READ ALSOPOS operators buy Naira notes from petrol stations

“The problem we face in Nigeria is self-inflicted pain where some people who have power decided to use their influence on Nigerians. Banks hoarding this new Naira should be ready to lose some of their assets over customers’ frustration.

“I believe that CBN is not doing enough to address the crisis. They are part of the people to be blamed; if they are sure commercial banks have been given sufficient new naira notes, they should publish names and amounts. Also, commercial banks should make it open how much money has been dispensed to Nigerians”, he stated.

READ ALSOSterling Bank faces N1m fine for hoarding new Naira notes

On his part, a financial expert, Idakolo Gbolade, insisted that the CBN must sanction commercial banks hoarding the new naira notes to avert heightened tension.

“The banks should be afraid of mob attacks because, in recent days, evidence has shown on social media and in the news that banks are indeed hoarding the new notes. The CBN has even sanctioned some banks. These reports show our concerns that banks are primary saboteurs of the Naira redesign policy.

“The situation could worsen if the CBN fails to ensure banks dispense the new notes over the counter reasonably or extend the use of the old notes for a longer period”, he stated.

CBN and other stakeholders continued to accuse commercial banks of hoarding the new naira notes. Still, a statement made available to DAILY POST by the President of ACAMB read that banks are not hoarding new Naira notes, stating that normalcy is returning soon.

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