The Central Bank of Nigeria has said the current cash scarcity is caused by commercial banks making large withdrawals from its branches nationwide.
The development comes as Point of Sale (PoS) operators returned to buying cash from traders and petrol station attendants as banks ran out of money.
Also, commercial banks have maintained their withdrawal limits on various ATM points across Delta state, Nigeria.
PoS operators said that they have returned to cash-buying following the cash scarcity that is threatening to return like the pre-naira redesign era.
The development has led to operators increasing their transaction charges by 100% from N100 to N200 for cash of N5,000.
Anonymous PoS operator in the Delta state capital Territory, told fidelity.com that all the operators in the area have increased their charges as they find it challenging to access cash from normal banking channels.
“We are now patronizing petrol attendants and traders as we did in January and February this year,” she said.