The Central Bank of Nigeria (CBN), has declared that it will revoke the licences of Point of Sale (POS) operators, if they are seen inflating client charges.

Citizens have been lamenting that POS operators have been collecting between N1000, N1500 and N2000 charges for every N5000 and N10,000 withdrawn by customers and N300 or more charges for every N1000.

Laise Ijebor, director of the CBN Risk Management division, stated that the permitted price for every N5,000 is N100 and that anything done in violation of that would amount to punishing one’s fellow people.

He claimed that the apex bank was aware that POS agents were using dishonest tactics by charging clients up to 30% before handing over cash.

“We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC),” Ijebor said.

Ijebor charged Nigerians to use alternative means of making payment for business transaction, saying “we have bank apps, USSID, POS and ATM to make payment.

“Customers 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.”

While assuring that the CBN is working with the state government to improve the situation, he said they disbursed close to N1 billion to banks between Sunday and Tuesday.

“We gave banks about N400m on Sunday, N200m on Monday, and on Tuesday, we have given N460m. So, we are pushing out money.

“We are expecting a shipment of new notes. When that comes, we will move it into ATMs. I am hoping and praying that those ATMs that are empty now, a lot will start working by tomorrow,” he added.

Chris Nehikhare, the commissioner for communication and orientation, also urged the populace to adopt other payment methods while promising that the state government will work with the CBN to ensure cash availability through efficient monitoring.

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