Point of Sale (PoS) operators have implemented a 100 percent increase in their transaction charges, citing a shortage of naira notes as the primary reason.
The operators state that the fee hike is a result of their difficulty in obtaining cash from banks, leading them to incur additional costs to sustain their businesses.
However, they express concerns that the 100 percent increase might be just the beginning if the situation persists.
Withdrawal charges for N5,000 and N10,000, previously N100 and N200, respectively, have now been raised to N200 and N400. PoS operators explain that they seek cash from fuel stations and supermarkets, but acquiring it comes with additional expenses. They mention that the costs incurred in obtaining cash are integrated into their charges.
Meanwhile, a significant number of Automated Teller Machines in the capital city are not dispensing cash. The few that are operational are attracting crowds of customers eager to make withdrawals.
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