Naira Redesign, POS Operators Exploiting Nigerians

Naira Redesign, POS Operators Exploiting Nigerians

By Alexander Zidon

The Point of Sale (POS) is where a customer executes the payments for goods and services and where sales taxes may become payable.

A POS transactions may occur in person or online, with receipt generated either in prints or electronically. POS system have become increasingly popular among merchants. Mr. Ajang ishaku told NEWSng that , ” most Nigerians now patronize the POS than the banks because it is easier and faster.

“Since I can make transactions in my neighbourhood without paying transport fare to the banks with little interest rate as charges, but it has become a haven for exploitation. The introduction of the redesigned naira notes make it so. ” he said.

According to him, POS operators took advantage of the scarcity of the notes to fraudulently collect money from the populace.

“”They have increased the interest rate from #100 for #10,000 to #100 for #1000 . This has brought a lot of hardships on Nigerians and it’s making life more unbearable for the people.

“POS operators had become so insensitive to the plight of the citizens by taking advantage of innocent Nigerians in a day light robbery.”

It will be recalled that the Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele on October 20, 2022 announced that the country’s apex bank would be redesigning the #200 ,#500 and #1000 notes.

Mr. Emefiele said, ” the move became imperative because the country needed to improve on it’s currencies security and features, investigate counterfeiting, preserve the collective national heritage, control the banknotes in circulation and reduce the overall cost of cost of currency management “.

The CBN also emphasized that the new banknotes would start circulating from December 15 , 2022 and that the old notes would cease to be legal tender on January 31, 2023.

However, the new redesigned notes since in deposition began, the people have continued to face challenges in their bid to access the notes.

The Governor of the Central Bank after several deliberations to relief the suffering of Nigerians decided to extend the deadline with ten days. But even with the ten days extension the notes are still not enough or readily available for use .

The people are crying out for more notes . The banks and ATM in Jos are over crowded by people in queues to get the notes while bankers are busy hoarding the notes to the highest bidders.

President Mohammadu Buhari last Friday asked Nigerians to give him seven days to find a lasting solution to the cash shortage crisis confronting the people.

NEWSng however gathered that POS exploitation is increasing by the day and people are making fake transfers alerts but the government has done nothing to curb the trend.