Naira Scarcity: Nigerians Can Now Report POS Operators Charging Above 200 – CBN

"Hike In PoS Charges": Bank Agents Taking Back Seat As Merchants Take Over Pos Market
With the scarcity in the circulation of new notes and the old notes being rejected by traders and danfo drivers in some parts of the country, some POS operators are now charging above N200 for N1000 and as much as 2500 for N10000.

The Central Bank of Nigeria (CBN) has stepped in and released a list of emergency telephone numbers that Nigerians could use to report Point of Sale agents who are engaging in the selling of new naira notes or charging above N200 for withdrawal of cash for up to N10,000.

According to Mr. Joseph Omayuku, Director of CBN’s Governor’s Department made this known on Tuesday, in a briefing with journalists in Yenagoa, Bayelsa State Capital.

Mr. Joseph warned individuals and bodies engaging in such illegal practices henceforth. He also advised members of the public to report those who fail to comply with the directive by reaching out to the CBN contact center on 07002255226, Telephone Ext: 711025-7; or sending an email to [email protected] and its social media handles.

Nigerians have endured the scarcity of new naira notes since the commencement of the first deadline date in January before another 10 days was added and still, it seems there is no endor solution to the naira problem, while some governors have resolved to sue the Federal Government for the sufferings experienced by the people in their respective state.

Although Nigerians have been advised to go cashless and make use of online payment platforms or mobile banking for their transactions, this solution has so far been marred by failed transactions.

Observers have come out to say the challenges experienced by digital platforms to process the increasing number of online transactions due to the naira redesign policy is because the platform is not strong enough, however, the apex bank has countered these reports saying it is “not as bad as to warrant rejection of transfer payments.”