Trending Video Shows Nigerians Performing Farewell Rites for PoS Operators as Cash Becomes Available

Trending Video Shows Nigerians Performing Farewell Rites for PoS Operators as Cash Becomes Available

  • A hilarious trending video on social media shows Nigerians bidding PoS operators farewell
  • The video signals the availability of cash in banks and ATMs across the country
  • The CBN had directed commercial banks to load their ATMs with cash and also pay customers across the counter

The reign of Point of Sale (PoS) operators has ended following the availability of cash in banks and ATMs across the country.

A trending video on social media shows people performing procession rites in honour of PoS operators who they believe ripped them off at the height of the cash crisis in Nigeria.

PoS operators, CBN, Cash crisis
Nigerians bid PoS operators farewell in a hilarious video. Credit: Jonathan Utuk
Source: Getty Images

Video shows Nigerians sending PoS operators packing

The video shows people with a banner with a PoS operator's business name and number.

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The procession had a music band singing an Igbo song used mainly at funeral rights.

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The development comes as Nigerians report the availability of cash in banks and ATMs across the country following the Central Bank of Nigeria (CBN)'s intervention.

The CBN had directed commercial banks to operate on weekends to ease the cash crunch caused by its naira redesign policy.

The apex bank's directive subsequently led to the crash of PoS charges across the country.

PoS charges crash in Nigeria

As of the time of writing, PoS operators say they now charge 10% on all transactions as against the 30% they demanded at the peak of the cash crisis.

Despite being above the approved CBN rate of 2%, the crash in PoS charges has provided relief to cash-strapped Nigerians who groaned relentlessly over the burden caused by the cashless policy of the apex bank.

A senior bank official had told Legit.ng that the crowds seen in banks are not primarily for cash but for those who came to resolve transaction issues, especially interbank transfers.

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He said the glitches had caused overflows in some banks leading to chaos in most cases.

CBN issues phone numbers, email addresses to report PoS operators charging higher than the approved rate

Legit.ng reported that the Central Bank of Nigeria (CBN) had released steps, an emergency number, and an email address where Nigerians could report Point of Sales (PoS) operators selling, issuing, or charging above the approved rates.

The apex bank had pegged N200 for withdrawals of up to N10,000 and N100 for withdrawals of N5,000 and below.

Reports say CBN Director of Governors' Department, Joseph Omayuku warned syndicates engaging in the illegal and illicit practice of selling the naira notes and charging exorbitant costs to desist.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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