Wednesday , October 4 2023
CBN Launches Toll-Free Line to Report PoS Operators Charging Above N200, Rogue Fuel Stations

CBN Launches Toll-Free Line to Report PoS Operators Charging Above N200, Rogue Fuel Stations

…Risks Jail Time

The Central Bank of Nigeria (CBN) has gone tough on its efforts to implement the redesigned naira policy with a clamp down on rogue Point of Sale (POS), fuel stations and supermarkets, identified as fifth columnists frustrating the policy and making life difficult for Nigerians.

It has warned that those not licensed to be payment agents but acting as one with the sole aim to exploit Nigerians, risk arrest and prosecution

The apex bank which launched a toll-free line 08000200200 for residents to report malpractices and began sting operations in Yenagoa metropolis on Tuesday has therefore warned against those out to frustrate the policy by hoarding the new notes and selling them to have a rethink in engaging in economic sabotage.

Also, operators of fuel stations and supermarkets that have been allowing electronic transfers but now insist on cash transactions may be arrested to serve as a deterrent.

The Director, Governor’s Department, Mr Joseph Omayuku, who reeled out CBN’s aggressive measures to ensure the success of the redesigned naira policy in Yenagoa while maintaining that the apex bank has injected enough bank notes into the system for economic activities declared that fifth columnists are hell-bent in thwarting the process.

“We have found out that in spite of these huge new currency notes that the CBN has injected into the system, we have not yet seen the money that we have issued, and the new notes have not been coming back into the banking system, which is an abnormality. We have also found out that in Bayelsa and across the country, you will find people milling around ATMs, with bags being used by POS operators. We have also discovered that petrol stations that used to sell for online payment using POS and transfer payment, many of them now came to the point of rejecting and asking only for cash payment.

Click to Read: PoS Transactions Rise to N8.9tn as Registered Centers Hits 2.16m in Sept

“Even some supermarkets, that used to take transfers and POS payment suddenly began to ask for cash, there have been claims that the online platform are not effective but we are in the country, we use these platforms, so further review indicates that its appears fifth columnists are operating in this system, and these fifth columnists are anybody that has POS machine, you find out that even next to petrol stations, there are agents or POS Operators who you will go to sell money to you and you will use this money to go and buy from them, and not only in petrol stations, in shops, everywhere.

Omayuku who decried the outrageous charges being charged by POS operators and those selling new currency warned those involved to desist forthwith, stressing that if they are caught, they would not only be prosecuted but also sent to jail.

About Bukola Olanrewaju

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