Several areas in Ibadan, including Iwo Road, Ajibode, Mokola, Sango, University of Ibadan, Agodi Secretariat, Awotan, Bodija, Akobo, and Apete, are experiencing a cash shortage, affecting Point-of-Sale (POS) operators, News About Nigeria reports.
A correspondent from Daily Post observed the scarcity during visits to these areas.
These venues’ point-of-sale (POS) operators are having difficulty keeping up with the demand for cash; therefore, those who do have it have limited how much may be taken out.
As a result, transaction costs have increased as a result of the cash scarcity.
Some POS operators have limited clients to a maximum withdrawal of N5,000.
The regular transaction charge of N100 for a N5,000 withdrawal has been hiked to N150 or N200, depending on the arrangement between the POS operator and the customer.
An anonymous POS operator in Awotan said, “I can only give you N3,000, and you pay N100. If you want to collect N5,000, you will pay N150 or N200. There is no cash again.”
Another operator confirmed the increased charges, saying, “I have increased my charges. You will pay N200 if you want to collect N5,000.”
Isha Abdulmumin, a former CBN director of communications, blamed private banks for the present cash shortage, claiming the central bank has enough money to meet demand.
The scarcity has continued even after the CBN ordered banks to print and accept both old and new naira notes.
With rumours that Nigerians may be hoarding currency ahead of the prior December deadline set by the Supreme Court for the circulation of old N200, N500, and N1000 notes, the development has sparked worries about the prospect of hoarding.
