Business

PoS Agents in Lagos to Start charging N500 for N10,000 cash withdrawal

Published

3 years ago

June 30, 2023

573 Views

PoS Customers in Lagos State withdrawing the sum of N10.000 will soon begin to pay N500 as charges.

This comes after the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, announced a new price list for PoS transactions on Channels Television’s Business Morning programme by the Public Relations Officer, Lagos Chapter, Stephen Adeoye, on Friday.

According to him, the association’s price list is to eradicate price discrepancies in the industry.

He said, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N2000 will N800 for withdrawal.

“Like we said, depending on your location, you can also step it down for people depending on the circumstances. But it should not go more than this.”

He further stated that for deposits and transfers, agents can now charge N100 for N1,000 to N4,900; N200 for N5000 to N10,900; N300 for N11,000 to N20,900; N400 got N21,000 to N30,900; N500 for N31,000 to N40,000; and N600 for N41,100 to N50,000.

Adeoye said the chairman of the Lagos chapter of the association, David Abiodun, recently released the new price list to excos at a symposium. He noted that the purpose of the list was to curb the activities of agents that were still overcharging their customers.

He said, “Although, we agreed that depending on one’s area, they can lower the charges. But it should exceed these new prices. This is why we expect everyone to paste it in their locations so that customers can see it.”

Commenting on how the association intends to enforce its price list, the PRO states that it will leverage its relationship with the police and a task force in their area of operations.

Adeoye explained, “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it.

Related Topics:Cash Withdrawal Customers Featured PoS Agents

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12-years after, US clears Nigerian vessels to land at its ports

Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).

Published

13 hours ago

August 20, 2026

OCHEFA

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the United States Coast Guard (USCG) has removed the Condition of Entry (CoE) imposed on Nigerian vessels from docking at its ports.

The CoE was first imposed in June 2014. Under the restriction, any vessel that had docked at designated Nigerian ports within its previous five port calls was required to meet additional security and documentation requirements before entering US waters.

The removal means those extra requirements no longer apply.Four USCG assessments between 2024 and 2026

He pointed to the country’s compliance with the International Ship and Port Facility Security (ISPS) Code as central to the case presented to US authorities.

The USCG carried out four separate assessments of Nigeria’s ports and maritime security framework between March 2024 and April 2026.

The inspections took place in March 2024, April 2024, March 2025 and April 2026. The government said each review recorded measurable progress.

Business

Naira Exchange Rates Thursday,20 August

Published

14 hours ago

August 20, 2026

OCHEFA

17 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,404 Sell ₦1,410

Great British Pound (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,585 Sell ₦1,605

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,350.41

Great British Pound (GBP) ₦1,839.13

EURO (EUR) ₦1,574.31

Swiss Franc (CHF) ₦1,681.92

Chinese Yuan (CNY) ₦200.61

West African CFA (XOF) ₦2. 37

West African Unit Account (WAUA) ₦1,836.21

Saudi Riyal (SAR) ₦359.65 South African Rand (ZAR) ₦83.71

Business

Oyede Tasks States To Look Beyond Federal Allocations For Economic Growth

Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,

Published

14 hours ago

August 20, 2026

OCHEFA

19 Views

The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said federal allocations alone cannot guarantee prosperity for states, urging them to develop sustainable sources of revenue and drive economic growth.

The Minister gave the advice during the 2026 National Council on Finance and Economic Development (NACOFED) conference in Owerri, Imo State, yesterday.

Oyedele emphasised the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.

He called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.

“Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,” he stated.

According to him, recent economic reforms , including the removal of fuel subsidy and the unification of the foreign exchange market, have increased tremendously the revenue available for distribution through the federation account.

He said monthly federation account allocation, which was between N300 billion and N600 billion before 2023, is now above N2 trillion.