Nigerians lament as POS charges N400, N300 for N1000 withdrawal

Following the new naira notes swap policy by the Central Bank of Nigeria, CBN, Point of Sales, POS, operators have resorted to exploiting Nigerians.

Prior to the introduction of the policy, POS operators charged N100 for every N1000 cash withdrawal, but the situation has changed.

DAILY POST reports that POS operators now charge between N300 to N400 on every N1000 withdrawn via the terminal.

Our correspondent observed this new measure during an attempt to make a withdrawal in Apo Resettlement area of Abuja

In an attempt to make withdrawal in Apo Resettlement, a POS operator told our correspondent: “We now charge N300 for every N1000 you withdraw from here, and the reason is that there is no money. Some of us have to stay long on queues in banks to use their ATM.”