The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has directed all retail outlets in the country to ensure the free use of Point of Sale (POS) and bank transfer for the sale of petroleum products amid the scarcity of naira or risk sanctions.
“It has come to the attention of the NMDPRA that some retail outlets are not accepting the use of POS machines at their filling stations due to the recent cash crunch brought about by the new naira design.
“The Authority frowns at this recent behaviour which is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the government in the transition to the new naira,” the regulator said in a statement.
According to NMDPRA, all retail outlets are directed to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers at this critical time.
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“The Authority and security agencies will be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned,” the statement said.
Many retail stations across major cities have been refusing online payments through POS or bank transfers due to high levels of failed transactions.
However, the threat of sanctions will do little to dissuade operators unless a solution is found for the problem of high volumes of failed transactions across many commercial banks’ networks.
