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Echonews Nigeria Community News

Echonews Online Community News

Filling station in cash deal.with POS operators


Ladapo Kolade

More filling stations are selling cash to Point of Sale operators in a new secondary monetary market birthed by banks’failure to dispense cash to depositors.
There are fears that new mint notes bought by POS operators at high rates is spiking cost of POS withdrawals by over 200 percent.
A withdrawal of N20,000 that used to cost N200 now costs N2000 and withdrawals of N30,000 cost N3000.
Bank managers are being fingered by Central Bank supervisors on surprise checks to branches who discovered that there are more minted notes than the banks have admitted.
A video of CBN supervision team that visited a bank’s branch in Abuja discovered the bank hoarded N29million out of N30.5milliion  and deployed only N1.5million to the ATM in line with the apex bank’s directive.

Explaining his experience with filling stations, a source told Echonews that many filling stations are rejecting transfers and preferring cash to sell to POS at higher margins.