With the declaration by the Federal government that the older N1000 and N500 denominations will seize to be legal tender, a cross-section of Nigerians have reported difficulties getting the newer redesigned notes and PoS agents had taken advantage of the cash scarcity to increase their charges.
Recall some of the agents have been accused of carrying out illicit acts of charging exorbitant amounts as charges for naira withdrawals since the Central Bank of Nigeria, CBN introduced the cash swap policy.
Ever since the scarcity of newly redesigned notes hit, some PoS agents have been seen to charge as high as N300 for transactions of N1000 – N2000 and up to N500 for transactions of over N5000. Some agents had even charged from N1000-N2000 for withdrawals of up to N10,000.
