The severe cash scarcity battering Nigerians is showing no signs of easing up, even after the Supreme Court judgment affirming the legality of old and new naira notes.
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Investigations across major cities on Friday revealed Point of Sale (POS) operators have increased their charges by 100 percent due to limited cash supply.
In Lagos, POS agents are now collecting N400 for every N10,000 withdrawal, double the previous N200 charge. Some aggrieved patrons alleged bank staff demand as high as N10,000 to release N100,000 across the counter.
“Charges now range between N300 to N400 for N10,000 withdrawal through POS, despite repeated CBN claims that there is enough cash out there,” a customer said.
The situation remains frustrating in Asaba, Delta State where POS charges have spiked to N700 for N20,000 transactions that previously cost N300.
Findings also indicate most ATMs in Lagos, Ogun and other states still dispense barely N5,000 to customers after hours-long queues.
Fidelity Bank, Access Bank, GTB, and other major banks visited had no cash to load their machines, leaving citizens stranded.
The Central Bank of Nigeria on Wednesday insisted there was adequate currency in circulation, accusing unspecified persons of deliberately hoarding the cash.
Economic experts and citizens contend that the worsening cash drought has further battered businesses, economic productivity and households’ purchasing power.
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