Point-of-Sales, (POS) operators working under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, have disassociated themselves from some PoS machine operators who have been accused of buying and selling the Naira.
Following the recent declaration by the Federal government that the older N1000 and N500 denominations will seize to be legal tender, a cross-section of Nigerians have reported difficulties getting the newer redesigned notes and PoS agents had taken advantage of the cash scarcity to increase their charges thereby keeping customers in a spot or without a choice
Before now, charges for withdrawing cash below N5000 attracted N100 while withdrawals from N5000 to N10,000 attracted N200 charges.
Ever since the scarcity of newly redesigned notes hit, some PoS agents have been seen to charge as high as N300 for transactions of N1000 – N2000 and up to N500 for transactions of over N5000. Some agents had even charged from N1000-N2000 for withdrawals of up to N10,000. This situation however have gotten to the know of POS operatives and are making conscious efforts to see to the end of this act.