New Naira notes: CBN goes tough on POS operators

The Central Bank of Nigeria has vowed to clamp down on Point of Sale owners, who have turned themselves to payment agents, to take advantage of members of the public. CBN has vowed to sanitize their fraudulent activities around the country this week, arrest and prosecute them.

According to CBN, the sharp practices were discovered after reviews of the implementation of the policy.

“These PoS operators also engage in the selling of naira notes for naira notes to buyers amidst rejection of online payments by some business operators, including petrol stations and supermarkets.

“Several of the POS operators have now taken to the unfortunate activity of turning themselves to payment agents.

“The operational arrangement for payment agents is that they take a commission for transaction and this commission is not more than N100 or N200 for transaction of up to N10,000. But we have heard of cases where people are being charged N1,000 or N2,000. This is certainly fraudulent; this is rogue operation.

“The management of the CBN and the leaders of the country do not subscribe to any logic that will allow people to operate like this. So, the security agencies will be very active this week, going forward.”

Source: New Naira notes: CBN goes tough on POS operators – StocksWatch (

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