Price of Naira note increases to N3,000 per N10,000

The price on Naira notes in several parts of Lagos has increased to N3,000 per N10,000; thus, N1,000 is being sold at N300. In the multiple of purchase by Nigerian citizens, a buyer loses N300 in every unit of N1,000, as Naira notes which have turned commodities from being legal tender, have continued to be scarce.

National Daily investigation revealed that the sales of Naira notes are done at PoS terminals, while ATMs galleries of commercial banks have been out of service and not dispensing cash to customers.

National Daily also found that in Ikeja metropolis and its environs, over 95 per cent of PoS operators have gone out of business; many who were approached for withdrawals in the various parts of Ikeja metropolis – from Allen Avenue to Awolowo Way, Agidingbi, Oba Akran, to Adeniyi Jones, Agege, Fagba, Ogba, Ojodu Berger – said they had no cash.

National Daily investigation further revealed that the few PoS operators still in business go into hiding in selling the Naira notes, they now operate like Bureau De Change, but operate in secret.

At Ogba, an outskirt of Ikeja, a PoS operator sells at N500 per N1,000; another sells at N700 per N2,000. The current general price is, however, N300 for N1,000. Thus, for withdrawal of N10,000, the ‘victim’ is either given N7,000 or be forced to withdraw N13,000 for N10,000 value. For N1,000, the PoS operator forces the victim to withdraw N1,300, saying they have no change of N700 to give the customer. The same condition goes withdrawal of N2,000, N3,000 and N4,000.

National Daily investigation further revealed that the pressure for cash withdrawals was precipitated by the wide problem of network failure in making transfers through several commercial banks, beside petty expenses and transportation costs.