ATMs Withhold Cash, POS Operators Double Charges as Naira Scarcity Bites

Automated Teller Machines (ATM) in various cities across the country have ceased to dispense cash to customers as scarcity of the Naira gradually bites harder.

Daily Report Nigeria reports that scarcity of the Naira has further led to Point of Sale operators to double charges for withdrawals.

In Calabar particularly, PoS operators have increased their charges by 100 per cent for all transactions following the scarcity of naira notes.

The hike in charges is attributed to their inability to get cash from banks easily.

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According to the operators, they go the extra mile to get cash in a bid to keep their business going.

They also warned that the charge for withdrawals may skyrocket to astronomical levels if the situation persist.

As of press time, charges for N5,000 and N10,000 withdrawals, which were pegged at N100 and N200 respectively, have been hiked to N200 and N400.

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An operator, Ms Eno Umoh, appealed for people’s understanding of the current charges, saying that operators were not responsible for the ugly situation.

“We are simply trying to remain afloat in business and ensure we continue to serve our customers.

“We understand the present economic realities but we are paying so much to get cash to keep the business running.

“It’s not all about profit making as people would think,” Umoh said.

Another operator, Lisa Eyo, said that the situation became more challenging last week, adding that getting cash had become very difficult.

According to her, the banks are not helping matters as they all claimed not to have cash in their vaults.

“For me to get cash, I entered into an agreement with some filling stations and supermarkets where I part with something in return.

“Invariably, I pay to get cash and the only way I can recover this is to increase my charges,” Eyo said.

Meanwhile, most Automated Teller Machines in the capital city are not dispensing cash, while the few that were functional had crowds of customers scrambling to withdraw.

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Similarly, the ones loaded with cash only dispense between N5,000 to N10,000.

A cross-session of residents and bank customers expressed disappointment over the cash crunch, saying it was happening at the wrong year period.

“The naira scarcity in Calabar will definitely worsen the economic difficulty and make life more miserable, especially with Christmas around the corner,” they said.