Cash Scarcity: POS Operatives’ Jobs Threatened As CBN Issues Fresh Warning

The Central Bank of Nigeria (CBN) has warned all Point of Sale (PoS) operators that their licenses would be revoked if they are found guilty of inflating charges of customers.

Naija News reports that some POS operators across the country now charge as high as N1000, N1500 and N2000 for every N5000 and N10,000 withdrawn by customers and N300 charges for every N1000.

Reacting to the dire situation, Director, CBN Risk Management department, Blaise Ijebor told newsmen on Tuesday that such extravagant charges would no longer be tolerated.

He revealed that efforts are being made by the apex bank and the government to ensure that there is more money in circulation.

Ijebor warned that the approved charge for every ₦5,000 is N100 and any other inflated charge due to the current economic crisis is tantamount to punishing their fellow citizens.

He noted that the CBN is aware that some POS agents were charging as much as 30 percent before giving their customers money.

He said, “We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).

“Customer should not be agitated, there is no need for any tension because your money is safe in the bank.for now just get the little cash you need while using alternative means available to make payment”

Assuring the citizenry that things were being sorted out, Ijrbor claimed that the CBN had disbursed close to N1 billion to banks between Sunday and Tuesday so that the people can make withdrawal.

He said: “We gave banks about N400m on Sunday, N200m on Monday, and on Tuesday(Today), we have given N460m. So, we are pushing out money.”