CBN’s New Move Crashes PoS Charges as Naira Scarcity Reduces

It appears that the days of PoS operators ripping off customers are numbered.

The development is due to the latest move by the Central Bank of Nigeria (CBN), which has pushed out more cash to commercial banks.

CBN said it had released more cash to commercial banks and directed them to work on weekends to make some money available to customers.

The bank said many commercial banks have picked up cash from its branches nationwide. Despite persistent queues, feelers indicate that the cash crunch is easing up a little following the release of the old naira notes.

CBN pushes more cash to commercial banks On Wednesday, March 22, 2023, CBN said it would flood the banks with the old naira notes it mopped during its naira redesign policy.

Due to this, transaction charges by Point of Sale (PoS) operators have reduced as naira scarcity began to ease as the apex bank asked Deposit Money Banks (DMB) to dispense old notes to customers in compliance with a Supreme Court order.

The bank had issued a directive that the old N200, N500, and N1,000 notes remain legal tender in line with the Supreme Court ruling until December 31, 2023.

BusinessDay reports that most operators have crashed their charges as they get less patronage from customers as more cash is made available from banks and other sources.

PoS transactions in Nigeria increase