New Note Scarcity Hit POS Operators

The effects of the old N200, N500 and N1,000 notes mop-up from circulation have generated scarcity of the affected denomination as citizens. PoS operators are now expecting low availability of the denominations. 
The Bulletin1247 crew visited some of the Point of Sales (PoS) operators in Abeokuta the capital city of Ogun State to see how they are coping with the new CBN directives, that "all old N200, N500 and N1,000 notes be banked for new notes". Some of the PoS spoken to today made it known that the mopping-up exercise had created a lot of setbacks for the smooth running of their business in the last three days - one of the PoS operators explained; "I took all the cash I made over the weekend to bank on Sunday with the hope to collect the said new naira notes but the bank (name withheld) said the new notes are not available, over the counter but I should approach the ATM point, at the bank's ATM point the machine is dispensing same old N1,000 notes and the bitter aspect of it is that I can only withdraw only N20,000 as against the N400,000 thousand banked, how do you expect me to open a shop with no cash to give to a customer who needs cash to withdraw? Secondly, people that have been coming to me since Monday, yesterday are coming to withdraw and no one is completely Ng to deposit money, how do you expect me to have the cash to trade with? Please go am not happy!" He drove our reporter away in annoyance.

We also visited another PoS operator in the Onikolobo area of Abeokuta, she gave a similar account, but in her own case she had increased the withdrawal charges from N100 to N200 for amounts between N1,000 and N5,000 and added that she can't give anyone more than N5,000 at a time because she had limited cash to pay customers who requested for withdrawal, she said she was lucky to have the available money because she was waiting till Monday before banking her old note at the bank and she Heard it in the news that the deadline has been shifted to 10 February, else she will not have money to transact with".
Bulletin1247 crew go around the city of Abeokuta, Itori, Sango Ota and Ifo, the stories are similar. 

Market women are complaining of low sales as they have decided not to collect the old notes which seem not much in circulation, and most of the market women said they are not operating mobile banking so they don't welcome mobile or online transfer of cash as means of payment. 

Okada riders and Keke Napep riders are not left out in the complaints that, "the hick in fuel pump price to about N350 per litre coupled with the scarcity of both old and new notes has really affected their sales, that government should do something to ease the situation, one of them pleased". 

To rap it up some of the Bulletin1247 news reporters in Lagos, Ekiti and Kaduna had similar stories; the market in some parts of Lagos was short because the market operations are not ready to collect the old notes and couldn't also afford to allow their goods perished for lack of sales. In Kaduna along Tudunwada, a motorcycle rider and his passenger resulted an exchange of blows due to the rejection of old notes, the passenger offered the rider N500 a new Note. Still, the rider gave him N300 which the N200 is an old note, the rider claimed he did not have any new N200 new note", it was passers-bye that separated the two of them and begged the passenger to accept the changed. 

The Ekiti residents claimed the news note is not accessible in banks or in the market, but never bother about going out their normal business life, few people sited in the market are paying with old notes and the traders are not complaining fee of the spoken to said since the deadline is 10 of February and government had promised the new note will reach every Nigerians, to them there is no cause for alarm".

A long queue was seen at Union Bank Panseke, Abeokuta, Ogun State and many other banks in the state.

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