There has been a charge crash by Point of Sale operators following the Supreme Court ruling of Friday, March 3, 2023, which says that N200, 500, and N1000 notes should remain legal tender until December 31, 2023.
Feelers from the public indicate that PoS operators began to reduce their charges on cash withdrawals by about 90 per cent as banks make more cash available to their customers.
The apex court ruling triggered the fall as more bank customers could access cash across the counter and at ATMs.
Also, some PoS operators said they had seen a decline in patronage after the 2023 presidential election as the acute cash shortage eased.
Banks customers say despite queues at the banks, and they could still get cash as the banks loaded more money in their ATMs.
The operators said the Supreme Court ruling would rejuvenate their business as more cash becomes available as most operators have shut down due to cash scarcity.
Some agents charge N300 and N500 for N1000 deposits because some traders who had the old notes now bring them for deposit.
