Naira Crisis: CBN Vows To Arrest POS Operators Charging Above N200 Or Selling New Notes

The Central Bank of Nigeria (CBN), has vowed to arrest and prosecute Point of Sale (PoS) operators, and others taking advantage of Nigerians by engaging in the illicit business of selling the new naira notes due to the lingering scarcity.

The Director, Governor’s Department, CBN, Mr Joseph Omayuku, who stated this while briefing journalists in Yenagoa, Bayelsa State,  on Monday, described unaccredited payment agents as fifth columnists whose activities constitute economic sabotage to Nigeria.

Omayuku said the bank has discovered that the activities of many POS operators is ripping off the people as they sell new naira notes to buyers at exorbitant prices.

This is as many petrol stations and supermarkets reject electronic payments encouraged by the  CBN’s cashless policy.

Omayuku said the apex bank will conduct operations around the country this week to arrest and prosecute corrupt agents.

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“Further reviews have indicated that it does appear as if there are fifth columnists operating in this system, and these fifth columnists, as it appears, are anybody that has PoS access,” Omayuku said.

“Several of them have now taken to the unfortunate activity of turning themselves to payment agents.”

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He condemned excessive charges imposed by POS operators, explaining that even payment agents licensed by the bank are not supposed to charge more than N200 for every transaction of up to N10,000. He added that the apex bank will not allow that to continue.

“The operational arrangement for payment agents is that they take a commission for transactions and this commission is not more than N100 or N200 for transactions of up to N10,000. But we have heard of cases where people are being charged N1,000 or N2,000. This is certainly fraudulent; this is a rogue operation.

“The management of the CBN and the leaders of the country do not subscribe to any logic that will allow people to operate like this. So, the security agencies will be very active this week, going forward,” the CBN official further stated.