Point of sale (PoS) operators in Calabar have increased their charges by 100 per cent for all transactions following the scarcity of naira notes in the capital city.
The operators spoke on the development in separate interviews with journalists in Calabar on Tuesday.
They attributed the hike to their inability to get cash from banks easily.
They said that they paid an extra cost to be able to get cash to keep their business going.
They, however, feared that the 100 per cent hike could be a child’s play compared to what might happen should the situation persist.
Charges for N5,000 and N10,000 withdrawals, which used to be N100 and N200, respectively, were hiked to N200 and N400.
Eno Umoh, an operator, appealed to residents to understand the current charges, saying that operators were not responsible for the ugly situation.
“We are simply trying to remain afloat in business and ensure we continue to serve our customers. We understand the present economic realities, but we are paying so much to get cash to keep the business running. It’s not all about profit making as people would think,” Ms Umoh said.
Cash scarcity
Another operator, Lisa Eyo, said the situation became more challenging last week, adding that getting cash had become difficult.
According to her, the banks are not helping matters as they all claim not to have cash in their vaults.
“In order for me to get cash, I entered into an agreement with some filling stations and supermarkets where I part with something in return. Invariably, I pay to get cash and the only way I can recover this is to increase my charges,” Ms Eyo said.
Meanwhile, most automated teller machines (ATMs) in the capital city are not dispensing cash, while the few that are functional have crowds of customers scrambling to withdraw.
Similarly, the ones loaded with cash only dispense between N5,000 and N10,000.
A cross-session of residents and bank customers expressed disappointment over the cash crunch, saying it was happening in the wrong year period.
“The naira scarcity in Calabar will definitely worsen the economic difficulty and make life more miserable, especially with Christmas around the corner,” they said.