New Naira Note Scarcity - POS Agents Withdrawal Charges Now N200, N500

New Naira Note Scarcity - POS Agents Withdrawal Charges Now N200, N500

In today's Latest finance news, Naira Note Scarcity hit Kaduna and other parts of Nigeria as POS Agents Now Charge N200 To N500 withdrawal/cashout fees per transaction.

The Scarcity of new naira notes has hit harder on Kaduna residents more as most of the ATMs and POS points are cashless. As a result of that, a few of the POS agents who were able to engage in transactions now charge their costumes #200 below N5000 Withdrawal and N500 above N5000 Withdrawal.

The situation is critical as it affects local retail business operations that do not have the knowledge of digital banking transactions but only know physical goods exchange for cash.

Though the Governor of the Central Bank of Nigeria (CBN), Godwin Emiefele, who appeared before the House of Representatives ad hoc Committee, said Nigerians won't lose the old notes after the February 10 extended deadline. He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

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The banks need to make the new naira note available for Nigeria at the ATM points to ease the money shortage situation that has befell Nigerians across the Country.