Naira Scarcity: POS Operators In Ibadan Increase Charges

The majority of the operators of Point-Of-Sale, POS, in Ibadan, the Oyo State capital, have increased their transaction charges due to the scarcity of naira that has hit the city in the last few days.

Reports had it that the majority of residents of the city have been complaining about the shortage of cash in the last few days.

The findings of First Weekly Magazine indicated that some POS operators in major parts of Ibadan do not have cash to give to their customers at the moment.

Some of the areas visited by our correspondent included Challenge, Dugbe, Akala express, and Gate areas of Ibadan metropolis.

Others are Awotan, Bodija, Akobo and Apete.

POS operators in these areas did not have enough cash to give to prospective customers.

Those who had cash have restricted the amount to be paid to customers.

Consequently, some of them have increased their transaction charges as a result of the shortage of cash.

The regular transaction charge of N100 per N5,000 withdrawal has been increased to N150 and N200, depending on the bargaining power of the customer.

Some of the POS operators who spoke to our reporter confirmed that they have restricted customers to a maximum of N5,000.

A POS operator in Challenge, who spoke on condition of anonymity, said: “I can only give you N3,000 and you pay N100. If you want to collect N5,000, you will pay N150 or N200. There is no cash again.”

Another POS operator who spoke with our correspondent at the weekend also said: “I have increased my charges. You will pay N200 if you want to collect N5,000.”