PoS operators increase charges as CBN disclose amount in circulation following cash scarcity

Cash scarcity has persisted across Nigeria for the second week since the Central Bank of Nigeria assured Nigerians in a statement that there is enough to sustain economic activities.

The current cash scarcity has led Point of Sale (PoS) operators to increase their charges by 100%.

Operators charge N400 for N10,000 withdrawal

The development has also led commercial banks to ration cash and impose withdrawal limits across ATMs and other cash points nationwide.

The situation is worse in some states, especially in Lagos, where most ATMs are dry or customers form long queues to withdraw.

The PoS operators, the last resort for cash-stranged Nigerians, have hiked their charges to N400 for every N10,000 withdrawals instead of the N200 they previously charged.

Bank staff demand tips as CBN reveals amount in circulation

Daily Trust reports that PoS operators allege that bank staff demand N10,000 for every 100,000 withdrawals.

Findings reveal that commercial banks have limited over-the-counter withdrawals to N20,000 and N50,000, respectively.

Across ATMs, banks have limited withdrawals to just N5,000 instead of the previous 100,000.

The Central Bank of Nigeria assured Nigerians on Wednesday, 13, 2023, that there is enough cash in circulation and blamed hoarding for the current scarcity.

Legit.ng reported that the Central Bank of Nigeria (CBN) has suspended applications for new loans under its development finance intervention funds.

The apex bank said banks are now responsible for recovering loans granted under various schemes.

The bank announced this via a circular to bank Chief executives signed by the Acting Director of the Development Finance Department, Sa’ad Hamidu.