PoS operators in Nigeria raise withdrawal and deposit fees following CBN guidelines

Point of Sale (PoS) operators in Nigeria have increased their withdrawal and deposit fees in response to new guidelines from the Central Bank of Nigeria (CBN). The CBN has limited daily cash withdrawals to N100,000 and introduced a N50 fee for every N10,000 transfer. Previously, PoS operators charged N100 for transactions under N5,000 and N200 for those above. Now, some operators have raised these fees by 100%, with new charges of N200 for N5,000 withdrawals and N400 for N10,000 withdrawals. The changes come amid ongoing cash scarcity, prompting operators to adjust their fees to manage costs. The CBN has also confirmed that old naira notes will remain legal tender alongside new notes.