Journalism of Courage

New naira notes: FCT POS operators make brisk businesses, increase charges on transactions

...charge N1, 000 on every N20,000, N500 on N5,000 withdrawals

As the deadline of January 31 draws nearer for old Naira notes to be deposited in banks across the country and the non-disbursement of new notes, operators of Point of Sales (PoS) in the Federal Capital Territory have been making brisk businesses as people besiege them to withdraw the new notes released into circulation by the Central Bank.

Persecondnews recalls that on December 15, 2022, the apex bank had
released the redesigned N200, N500 and N1, 000 banknotes to the commercial banks for disbursement to the public but have since been hoarded.

Millions of Nigerians including Benue Gov. Samuel Ortom had complained of not physically seeing the new notes talk less of transacting business with the notes.

They expressed frustrations over the scarcity of the new notes, especially at banks’ Automated Teller Machine (ATM) points.

But Abuja residents in a bid to access the new notes went out to queue at the PoS points across the nation’s capital leaving them at the mercy of the operators.

A point of sale (POS) is a place where a customer executes the payment for goods or services and where sales taxes may become payable.

Our correspondent gathered from a PoS agent, who went to the ATM as early as 6. 00 am to get the new notes for disbursement to people, said he met a huge crowd waiting to access the new notes.

He said the frustration in getting the new notes informed his decision to increase the commissions payable by those making withdrawals from him.

Mr Saheed Balogun, another PoS agent, told Persecondnews that he charges N1000 for every N20, 000 withdrawn and N500 on N5, 000 withdrawal.



“I went to the bank (name withheld) as early as 6 am and meet a very huge crowd of people. In Maitama there is no ATM machine had the new notes.

“For every N5,000 new notes I got from an agent I was charged N37 and if I add my transportation fare l will definitely charge people more.

“That is why I am charging N1,000 on every N10,000 and N500 on every N5,000 withdrawal,” he said.

Abubakar Hassan, a PoS agents, who said he from Kaduna to Abuja since Friday to source the new notes, expressed disappointment that he was able to get the notes on Saturday morning (January 28, 2023).

“I came to Abuja from Kaduna since Friday as I have not seen the new notes. I was lucky to get the money about 11.30 am today at an ATM in Maitama.

“It is the only ATM that dispensed the new notes and that is why a huge crowd gathered at the bank,” Hassan said.

Persecondnews reported that President Muhammadu Buhari and the CBN Gov. Godwin Emefiele had said there was no going back on the January 31 deadline for old Naira notes to be deposited in banks and to cease to be a legal tender.

Emefiele said: “I must say here that unfortunately, I don’t have good news for those who feel that we should shift the deadline.

“My apologies; the reason is because just like the President has said more than two occasions and even to people privately, that for us, 90 days, in fact, we feel it is 100 days, that it is enough for anyone who has money or the old currency to deposit it in the bank.

“And we took every measure to ensure all the banks remain open to receive all old currencies.”



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