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Naira Redesign: Nigerians Lament As POS Charges N400, N300 For N1000 Withdrawal
Following the new naira notes swap policy by the Central Bank of Nigeria, CBN, Point of Sales, POS, operators have resorted to exploiting Nigerians.
Prior to the introduction of the policy, POS operators charged N100 for every N1000 cash withdrawal, but the situation has changed.
DAILY POST reports that POS operators now charge between N300 to N400 on every N1000 withdrawn via the terminal.
Our correspondent observed this new measure during an attempt to make a withdrawal in Apo Resettlement area of Abuja.
While several POS operators were noticed to have shut down their businesses, the very few operating were at exorbitant rates.
In an attempt to make withdrawal in Apo Resettlement, a POS operator told our correspondent: “We now charge N300 for every N1000 you withdraw from here, and the reason is that there is no money. Some of us have to stay long on queues in banks to use their ATM.”
Another POS operator lamented that they were buying the money.
“There is no money anywhere, some of us have to resort to buying this money, and this is one of the reasons our charges are high,” she said.
Asked if the charges are for the new naira notes alone, she said no, adding that “both old and new naira notes are the same thing; naira is very scarce now. It’s difficult to come by, so we charge N400 for every N1000 on both old and new.”
Speaking with DAILY POST, a customer identified as Dorcas, described the new policy by the Central Bank of Nigeria, CBN, as “a devilish policy.”
Stressing that the policy was of no benefit to Nigerians, Dorcas said: “This policy by the CBN is devilish because it’s of no benefit to Nigerians. I walked from Amazing Grace Plaza inside Apo Resettlement to this entrance and most of the POS outlets have closed down because there is no money.
“You have the money in the bank but can’t withdraw because of this policy, not to talk about the N300 to N400 naira charges on every N1000 withdrawal.”
Commenting on the situation, a staff of FCMB alleged sabotage.
“The only way is for the CBN to increase their supply of the new naira notes,” he said.
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
Maureen Omorinola Badejo is scheduled to appear before the Federal High Court sitting in Ikoyi, Lagos, on February 20, 2026, following charges filed by the Inspector-General of Police over allegations bordering on defamation, cyberstalking, and related offences.
The charges arise from online publications made in November 2021, in which Ms. Badejo allegedly transmitted statements and videos on YouTube and Facebook concerning Apostle Johnson Suleman and his associate Dickson Omodiale Osajie.
According to the charge sheet, the prosecution alleges that:
Ms. Badejo conspired with others to publish defamatory content against Apostle Suleman.
She allegedly portrayed him as a cultist, rapist, assassin, ritualist, and other criminal labels, knowing the claims to be false.
She is accused of sending false messages via computer networks intended to cause annoyance, hatred, intimidation, and injury to reputation.
Additional allegations state that defamatory statements were also made against Mr. Dickson Osajie, claiming involvement in crimes such as rape and ritual killing.
Authorities further allege that the publications caused fear for safety and threatened bodily harm to the complainants.
The offences cited fall under provisions of the Criminal Code Act (Cap C38, Laws of the Federation of Nigeria, 2004) and the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.
The case follows a formal petition submitted to the Nigeria Police Force by Mr. Osajie, who alleged persistent cyberstalking, harassment, invasion of privacy, threats to life, and dissemination of false information affecting himself, Apostle Suleman, and their families.
Statement from Maureen Badejo
Ms. Badejo maintains her readiness to face the court and present her defense, expressing confidence in the Nigerian judicial system to ensure fairness and justice.
“I will appear in court as required and trust that the truth will prevail through due legal process,” she stated.
However Ms. Badejo is expected to be formally arraigned before the Federal High Court in Ikoyi, where the charges will be read and she will enter her plea.
The Rivers State House of Assembly has officially suspended impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu, following President Bola Tinubu’s intervention.
The House moved the motion to halt the impeachment process on Thursday at its resumed sitting in Port Harcourt, the state capital.
JomogNews had reported that during its first sitting of 2026, the House had begun impeachment proceedings against the governor and his deputy over allegations of gross misconduct, including the demolition of the State Assembly complex and alleged spending without legislative approval, among other claims.
More details later….
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