Business Hilights

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PoS device

(Investigations) So painful as Nigerians pay N4k to get N10k at PoS

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Contrary to the warning of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele to all Point of Sale (PoS) not to charge more than N200 per service, findings in parts of Lagos, Abuja, East, South and Western Nigeria show that they now charge between N3,000 and N4,000 to give out N10,000 either old or new notes.
This development further upholds last week’s report by Business Hilights that Nigerians may have lost well over N1tn to exorbitant PoS operators.
Majority of the PoS operators in parts of Lagos that spoke to Business Hilights undercover Correspondents say at the beginning, they were access large funds from their accomplices in in commercial banks who divert notes meant for the public to them at a very high ‘exchange rate’.
However, enquiring further, some operators also revealed that if the commercial banks fail them, they usually resort to approaching bus drivers and market women in the evenings to mop up all the cash they got during the days sales and negotiate with them on charges after which they will take delivery and make transfer of the agreed sum which are not usually the same daily.
According to them, charges fluctuate depending on availability and so also, is the amount they charge people seeking to buy the currency.
One of the PoS operators revealed that as at last week, they charge N3,000 for every N10,000, but since this week, they have been charging N4,000 for every N10,000.
With this jump, indications are rife that the cumulative amount Nigerians may have lost to the effects of the harp-hazardly implemented CBN’s currency redesign policy in an election year.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.