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Redesigned Naira: Scarcity forces POS operators increase charges in Ondo

Point of Sale (POS) operators in Okitipupa, Ondo State have increased their charges following difficulties of residents to get the newly redesigned naira notes from banks.

NAN reports that POS operators in Okitipupa as at Tuesday had increased their charges by between 100 and 150 per cent, translating to exchanging N2000 for either N200 or N300.

A POS operator, Matthew Aworinde told NAN that the charges were increased by operators because of the scarcity of the new Naira notes in the banks and Automated Teller Machines (ATM).

“We pay certain amount to get the new notes now; even the cash limit fixed on the amount an individual can withdraw from the bank too is affecting the change of old notes and our businesses.

“Since I can only get N100,000 daily, we now charge N200 and N300 on old and new notes respectively.

Funke Akiode, another POS operator said business has been so dull since the deadline for the old notes to cease to be legal trnders and cash limitations by the CBN.

“I charge N200 on N2,000 and N1,000 but can allow N20,000 withdrawal; so that I can sustain the business till evening because telling customers no cash drives them away,” she said.

Another POS operator, Chukwudi Arume said he has been thinking of quitting the business to take up other business as the POS business no longer boom like before.

“Immediately you tell customers the new charges, they leave immediately and you won’t see them again, so the CBN directive has been tough on our businesses,” Arume said. 

Iyabo Ojawole, another POS operator told NAN that the increment in charges was not limited to operators in Okitipupa alone but all over the country, noting that, it was a reflection of CBN directive.

“This directive on the redesigned Naira notes and cash limitations is ill-timed and ill-advised, especially during the electioneering period. We are lamenting because it’s really affecting our businesses and the economy too.

Also, Kolade Ikudejo, a POS operator, urged the CBN to extend the deadline for swap of the old Naira note by six months and as well as relax the limitation on cash withdrawal at banks.

Meanwhile, a visit by NAN to three banks in Okitipupa saw a large crowd at the banks’ ATMs which are still not dispensing the new notes, but old notes while the cash limit is being implemented.

Some of the bank officials approached for comments over the matter blatantly refused to say anything as they ignored the media. 

The News Agency of Nigeria (NAN) reports 

Recall that the Central Bank of Nigeria (CBN) last Sunday extended deadline for the old 200, 500 and 1000 naira to cease to be legal tenders from January 31, till February 10.

This is to afford Nigerians the opportunity to deposit and swap their old Naira notes for the newly redesigned notes in the banks.



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