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PoS Operators Double Charges Amid Naira Scarcity

PoS Operators Double Charges Amid Naira Scarcity

In response to the ongoing scarcity of naira notes, Point of Sale (PoS) operators have raised their transaction charges by 100 percent. The operators attribute the fee hike to the challenges they face in accessing cash from banks, leading to additional costs in maintaining their businesses.

They, however, feared that the 100 percent hike could be child’s play compared to what might happen should the situation persist.

The charges for N5,000 and N10,000 withdrawals which used to be N100 and N200, respectively, have been hiked to N200 and N400.The PoS operators say they approach fuel stations and supermarkets for cash and to get it, they have to part with some money as well. They say they infuse the money used to get the cash into their charges.

Meanwhile, most Automated Teller Machines in the capital city are not dispensing cash, while the few that were functional had crowds of customers scrambling to make withdrawals.

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