The Central Bank of Nigeria (CBN) announced on Tuesday that it will revoke the licences of Point of Sale (PoS) representatives found responsible for exaggerating the fees for consumers who withdraw money from their POS in the state.

According to the Daily Trust, POS operators in the state charge between N1000, N1500, and N2000 for every N5000 and N10,000 a consumer withdraws, and N300 for every N1000.

Director, CBN Risk Management department, Blaise Ijebor, disclosed this yesterday while speaking with journalists on efforts of the apex bank and state government on ensuring the availability of cash in circulation.

According to him, the approved charge for every N5,000 is N100 and anything done contrary to the approved charges by the agents due to the current cash crisis is tantamount to punishing their fellow citizens.

According to him, they are aware that POS agents are engaging in all sorts of sharp practices by charging customers up to 30 percent before giving them money.

“We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).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

While assuring that the CBN is working with the state government to improve the situation, he said they have disbursed closed N1 billion to banks between Sunday and Tuesday so that the people can make a withdrawal

Ijebor:-

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