CBN limits withdrawal from banks to N20,000, as POS charge now N1,000

Voice Air Media News Update

Banks in Ilorin, Kwara State capital, have pegged cash withdrawals across the counter at N20,000 for lucky customers.

VOICE AIR MEDIA reports, however, that the frustration of customers surrounding the new currency swap continues without any feasible end to the chaotic experience encountered at the bank halls and ATM points in the Ilorin metropolis.

Customers, who wished to swap their old currencies to new ones throng their various banks as early as 4.a.m and 5a.m and remain till 6p.m in the attempt to beat the extended February 10, deadline by the Federal Government.

Operators of POS have also increased their charges on withdrawals from 10 percent to 25 per cent depending on the amount a customer intends to withdraw at a time.

A customer, who spoke to our correspondent, claimed that she was charged N1,000 for a withdrawal of N10,000 while another customer disclosed that he was charged N150 for withdrawal of N1,000.

Findings further revealed that most operators of POS are unable to meet the huge requests of customers as they complain about paucity of cash.

The development has also collapsed some small scale business enterprises.

A female POS operator told this newspaper in Ilorin on Monday, that she could only give out N2,000 at a time to the numerous customers that patronize her shop.

VAM recalls that President Muhammadu Buhari has asked Nigerians to give him one week to decide and take action on the currency swap crisis.