Nigerians, PoS Operators Still Transacting With Old Naira Notes Less Than One Hour Before CBN Deadline

• Nigerians are no longer in a hurry to deposit their old naira notes despite the deadline just hours away
• The Central Bank of Nigeria of Nigeria set February 10, 2023, as the deadline date before old naira notes stop being lender tender
• Nigerians seem to be unconcerned with the deadline following the Supreme Court's decision to delay a lawsuit from three northern governors

It is less than an hour to the deadline date(February 9, 2023) when old 1000, 500, and 200 Naira notes would cease to be legal tender, according to the CBN directive.

However, checks show that there was no rush to deposit old notes as anticipated and also Point of Sale operators who are charging an exorbitant fee are still paying with the old currency.

Despite the fact that the deadline is only a few hours away, Vanguard reported that various bank premises are reasonably calm.

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Legit.ng also discovered that PoS operators are still paying customers with old naira notes, despite the fact that the notes will cease to be legal tender.

Also, many bank branches visited did not open to customers as officials claimed that they did not receive any new notes while others cited security reasons.

Pos cash out big

These are good times for PoS operators who have been making so much money. Just a few weeks ago to withdraw N10,000 only cost N200 today the price has moved to N1,500.

Some PoS operators also charge as high as N2,000 for customers looking to withdraw N10,000.

When Legit.ng asked one of the PoS operators who pleaded anonymity why they are still paying in old notes despite charging so high, he revealed they also buy.

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According to him, for every 200 they are paying N25 to buy from the big PoS operators with cash.

He said:

"I buy 200,000 for N20,000 how much do you think I will charge to recover my investment and pay my staff."

Naira falls as expert predicts N1000 to one dollar rate

Meanwhile, the scarcity of the Naira seems to be helping its value against the US dollar across official and unofficial forex exchange markets

Naira recorded two straight days of appreciation in the official market as dollar demands dropped

The Central Bank of Nigeria is expected to withdraw the use of old naira notes on Friday, February 10, 2023

Source: Legit.ng