NAIRA SCARCITY: POS OPERATOS NOW CHARGE N250-N350 PER N1,000 CASH PAYMENT
Read Time:3 Minute, 16 Second
– Petrol Stations Insist on Cash Only
– Many Banks Don’t Have Cash to Pay Out
– More Businesses Shut Down
By Our Correpondents
Despite the ruling of the Supreme Court on Thursday, barring the Central Bank of Nigeria (CBN) and the Federal Government from enforcing the February 10 deadline for the use of the old Naira notes, many Nigerians are facing further hardship due to the scarcity of Cash being experienced across the country.
In several parts of Ikeja, the Lagos State capital, visited on Wednesday and Thursday morning, Point of Sale (POS) operators charged between N250 – N350 per N1,000 Cash paid out.
Many of the POS operators interviewed said it was becoming difficult to access from their regular sources as they have to pay higher charges. This in turn has caused them to pass the high charges to their customers who patronise their services.
The POS operators have also limited the amount of cash paid out per transaction to N2,000 as they say there are many customers to serve.
However, some filling stations observed to be selling fuel insisted that motorists and other customers can only make purchases using cash. They cited difficulties in effecting online transactions with the banks as their reason.
There are allegations in certain quarters that there is a collusion between filling station attendants and POS operators whereby the attendants hand over their cash collections to the POS operators for a high commission.
Also, at the branches of the a few commercial banks visited in Ikeja, the tellers at First City Monument Bank on Allen Avenue said there was no cash at all to pay over the counter as they were yet to receive cash from their Cash Management Unit (CMU) at the head-office.
The Alausa Branch of FCMB also did not have cash to pay over the counter and also at the Automated Teller Machines (ATM).
At First Bank, Alausa, Ikeja; the doors were shut to customers as the branch didn’t open for business.
On Wednesday, the Lagos State Government announced the reduction of fares on all of its transport services by 50%.
In a live speech, the state governor, Babajide Sanwo-Olu said passengers using BRT buses, LAGRIDE taxi-scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY) will enjoy the palliative for the next one week, using their Cowry Cards.
The Governor also gave express permission to all fuel stations operating within Lagos to commence 24-hour operations to allow residents buy fuel without having to stay in queues for hours.
The controversy over the CBN currency exchange deadline, Sanwo-Olu said, has had dislocation effect on Lagosians, limiting their access to cash for daily transactions and making their means of sustenance difficult.
The Governor announced establishment of food banks in various parts of the State for distribution of food items to vulnerable families hit by the lingering crisis.
“The current situation has had telling effects on States and we have taken some steps to cushion the effects on your wellbeing. To support you in weathering these stormy days, I hereby announce a 50 per cent cut in fares on all our BRT buses, LAGRIDE taxi-scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY). This will take effect from tomorrow (Thursday) for the next seven days. We will push out more Cowry Cards to enable more Lagosians get onboard our services.
“I have also directed that food banks be set up in various parts of the State to cater for the vulnerable. We have identified stakeholders and organisations that will help distribute food stuff to the vulnerable people in various communities hit by the current situation. By this, we are not out to solve the entire economic crisis created by the currency swap programme, but we understand this is a difficult moment for vulnerable individuals. The relief will help until normalcy is restored.”
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