Cash Scarcity: PoS operators face sanctions over high charges, ‘economic opportunism’ -CBN

*The Central Bank of Nigeria criticises some Nigerians capitalising on the Naira redesign and swap transition to charge exorbitant fees or demand cash payments under false pretext of Point of Sale (PoS) terminals not functioning

Isola Moses | ConsumerConnect

The Central Bank of Nigeria (CBN) has said it will to prosecute Point of Sale (PoS) operators, who have continued to seek exorbitant charges for transactions.

Mr. Godwin Emefiele, Governor of CBN, stated this in his briefing to members of the diplomatic corps Tuesday, February 14, 2023, in Abuja, FCT.

ConsumerConnect reports the CBN Governor noted the inconveniences caused by the Naira redesign and withdrawal limit policies, including hoarding and an elevated agitation among the populace.

He stated in his address, that the “apex bank noticed that some Nigerians are capitalising on the transition to charge exorbitant fees or demand cash payment on the false pretext that Point of Sale (PoS) terminals don’t work, especially at filling stations.

“These selfish actions for personal monetary gain are creating hardship for Nigerians and may come at the expense of fellow citizens lives and livelihood,”

Emefiele said the banking sector regulator would prosecute erring PoS operators who charge consumers above the stipulated amount.

He stated: “The Bank is collaborating with the entire financial ecosystem DMBs, OFIs, MMOs, Super Agents, MFBs Payment System Providers and EFCC, ICPC, and other law enforcement to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash.”

While acknowledging that these are challenging times for Nigerian consumers, they shouldn’t be exaggerated especially by people in authority to create panic.

The CBN Chief restated the benefits of the Naira redesign, and noted that it would help in reducing inflation and ultimately, a moderation in exchange rates.

He, therefore, urged the diplomatic community and Nigerians to accept the currency redesign policy.

He as well restated that there the February 10 deadline for phasing out old Naira notes stays.