Following the Supreme Court’s ruling that the old N200, N500 and N1,000 notes should remain legal tenders until December 31, some Point of Sale, PoS, operators, yesterday, reduced cash withdrawal charges by as much as 90 percent, even as they commenced disbursement to the public.

A PoS agent in Marina, Miss Ramota Salami, said she had been accepting the old naira notes as deposits since they ceased being legal tender and now she had enough cash for her business.

“I now charge N300 for N10,000. Before the Supreme Court judgment, the charge was N2,000 for N10,000 because getting the new notes and old N200 notes was difficult and I paid heavily to get them.

“With the Supreme Court judgment, our business will revive, as many of my colleagues have closed down some of their outlets.”

Another PoS agent in Marina, Mr. Adeniyi Peter said:” The Supreme Court judgment is a relief to us PoS operators 

“I now charge N500 per N10,000 and have been accepting the old N500 and N1,000 notes because some traders have been depositing their old notes since court pronouncement for fear that it may be reversed, but they have helped my business with the provision of cash which is now legal tender.”

Meanwhile, some market women and commercial transport levy collectors (Agberos) were also seen collecting the old naira notes from bus drivers who were unable to spend the old notes before they ceased being legal tender on February 10.

A bus driver en route Agbara to CMS, Mr Sunday Okoyomo, said: “I have N10,000 of the old notes in the denominations of N500 and N1,000. 

“Due to my busy schedule, I have been unable to deposit it in the bank. So I took N3,000 out of it hoping that the Supreme Court judgment will favour me and other Nigerians who still had the old money with them. And so it was.

“On hearing the reversal of the CBN policy by the Supreme court, I was very happy.

“I just gave it to an Agberos on the way now and he accepted it. This judgment will heal the wounds of many.”

Vanguard/Simeon Ugbodovon

Subscribe to our Telegram and YouTube Channels also join our Whatsapp Update Group


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *