• Friday, June 14, 2024
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Scarce new naira notes threaten POS operators

Cash availability forces PoS operators to slash charges

Most Point of Sale (POS) operators around Federal Capital Territory have been off business as they decry the dearth of new naira notes.

“Customers are rejecting the old notes, and that is what is available in the banks and even Automated Teller Machines (ATM),” Ebele, POS operator in Central Business Area told Businessday.

Meanwhile, the governor of Central Bank of Nigeria (CBN), Godwin Emefiele is insisting that the old naira notes will cease to be legal tenders after January 31, 2023.

The unavailability of the new notes across major towns in Abuja has further questioned the feasibility of the CBN’s directive.

According to Ebele, Bank cashiers are still giving old notes to customers, insisting that are no new notes in the bank.

“Where are we supposed to get the new notes if not from the bank. This is why I am not opened for business today,” she said.

“I will go back to the bank before close of work and will also check these ATMs in town if I will get new notes. But I will not risk withdrawing old notes that customers will reject from me.”

It was a similar situation when Businessday visited the popular berger junction along airport road, as the pool of POS operators was rather scanty.

Aliu, one of the POS operators with new note described the day as his ‘lucky’ day, “I have had a lot of customers today because some of my colleagues are not here, they are looking for new notes.”

He explained that he withdrew the new notes from one of the banks in the nearby town this morning.

Read also: Withdrawal limit: PoS operators task CBN, telecoms coys on uninterrupted service

Aliu however said that he was only able to withdraw N20, 000 being the highest amount a customer can withdraw per day.

“I do not know why customers are no longer receiving the old notes, even banks do not have new notes,” he said.

“I was very lucky to have withdrawn this new notes this morning. On getting here I discovered that my friends here were out looking for new notes.

“This CBN directive is affecting our business. I pray they extend this deadline because the new notes are not circulating as expected.”

Ogechukwu also told Businessday that she closed her business at 10am, as customer withdrew the 20,000 she was able to withdraw for the day.

“Most ATMs are not working, after a customer withdrew the N20,000 I had this morning, I have not been able to withdraw cash for my business,” she said.

“Banks are still giving out old notes to customers, but our customers are not accepting them from us anymore. So I have closed business since 10 am.

“I’m also not receiving old notes as deposits from customers anymore, whosoever have old note should take them to the bank themselves.”