Facebook Twitter Instagram
    Trending
    • Ekweremadu, Wife Found Guilty Of Organ Harvesting
    • Biden Arrives In Canada To Discuss Trade, Migration Challenges
    • Seeking A Reset, Brazil’s Lula Heads To China
    • Eagles Vow To ‘Roast’ Wild Dogs, Guinea Bissau Eyes Upset
    • Keyamo Petitions DSS, Demands Obi, Datti’s Arrest
    • Old Notes Circulation: CBN Begins Disbursement
    • Nigeria’s TB case finding rises by 50%, says WHO
    • Starting May 29th, EFCC To Pursue Public Officials Suspected Of Corruption
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Business & Economy»CBN To Clamp Down On Naira Sellers, PoS Operators
    Business & Economy

    CBN To Clamp Down On Naira Sellers, PoS Operators

    Bolanle Oduekun-AyoolaBy Bolanle Oduekun-AyoolaFebruary 14, 2023Updated:February 14, 2023No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    As the currency redesign policy continues to generate confusion across the country, the Central Bank of Nigeria has vowed to clamp down on Point of Sale owners, who have turned themselves to naira payment agents, to take advantage of members of the public.

    The apex bank described such unaccredited payment agents as fifth columnists whose activities constituted economic sabotage, saying that it would carry out sting operations around the country this week to arrest and prosecute them.

    The Director, Governor’s Department, CBN, Mr Joseph Omayuku, who stated these while briefing journalists in Yenagoa, Bayelsa State, on Monday evening, said the sharp practices were discovered after reviews of the implementation of the policy.

    He said that 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.

    Omayuku said, “Further reviews have indicated that it does appear as if there are fifth columnists operating in this system, and these fifth columnists, as it appears, are anybody that has PoS access. Several of them have now taken to the unfortunate activity of turning themselves to payment agents.

    “So you find out that even next to petrol stations, their agents or PoS operators next to them are there who you will go to, to sell money to you and you take that money to go and buy petrol; and not just petrol stations, in short, everywhere.

    “From this week, there will be very sting operations around the country. Because this (selling of naira) is the incentive. The incentive is that they can sell our currency to us, which is not supposed to be. You cannot be selling naira to us.”

    He said the CBN also frowned on the exorbitant commissions on transactions that payment agents collect from customers as against the approved charges, describing their activities as fraudulent.

    Omayuku further said, “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.”

    He warned those engaged in illegal practices to turn a new leaf and advised members of the public to report perpetrators by contacting the CBN Contact Centre on 07002255226; Telephone Ext: 711025 – 7; contactcbn@cbn.gov.ng and its social media handles.

    The CBN official also debunked claims that the existing online platforms were not effective to support large volume of economic activities, stressing that the challenges associated with the online system “are not as bad as to warrant rejection of transfer payments.”

    Central Bank of Nigeria(CBN)
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Bolanle Oduekun-Ayoola

    Related Posts

    Old Notes Circulation: CBN Begins Disbursement

    March 24, 2023

    Emefiele Apologises To Nigerians For Failed Online Transactions

    March 22, 2023

    Naira Crisis: Banks Ration Old Notes, Insist On Withdrawal Limit

    March 15, 2023

    Leave A Reply Cancel Reply

    Recent Posts
    • Ekweremadu, Wife Found Guilty Of Organ Harvesting
    • Biden Arrives In Canada To Discuss Trade, Migration Challenges
    • Seeking A Reset, Brazil’s Lula Heads To China
    • Eagles Vow To ‘Roast’ Wild Dogs, Guinea Bissau Eyes Upset
    • Keyamo Petitions DSS, Demands Obi, Datti’s Arrest
    Recent Comments
    • buy cheap neurontin on TAJBank Launches e-Commerce Business ‘TAJMall’
    • FUCK SHEMALES on TAJBank Launches e-Commerce Business ‘TAJMall’
    • TRAVESTIS BAHIA on TAJBank Launches e-Commerce Business ‘TAJMall’
    • vivo slot on Ondo Deputy Governor Officially Resigns From PDP
    • lina on Edo 2020: Court Bars Gov. Obaseki From Participating In PDP Primary
    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved