• Wednesday, February 28, 2024
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Reps warn POS operators in Nigeria to stop selling naira notes

The House of Representatives on Thursday warned the Point-of-Sales (POS) operators in the country to stop selling naira notes and remove excessive charges to customers nationwide immediately.

This is even as the House mandated the Committees on Banking Regulations and Digital and Electronic Banking to invite the Minister of Finance and National Planning and Budget and Governor of the Central Bank of Nigeria (CBN) to explain why commercial banks are not paying customers over the counter and ATMs.

The resolutions followed adopting a motion titled, “Need to Curb the Sale of Naira Notes by the Point-of-Sales (POS) operators in Nigeria,” moved by Hon. Mohammed Dan Abba Shehu.

The House urged the CBN to immediately commence proper monitoring and supervision of commercial banks’ activities daily to ascertain the extent of counterpayment to customers, noting that the POS machine was invented and produced to alleviate the financial transaction hook-ups emanating from the Commercial Banks in Nigeria.

It also noted that financial transaction machines have significantly transformed the country’s financial sector by assisting the public in resolving banking challenges in commercial banks.

The House said it was aware that Point-of-Sales machines have been adopted in advanced countries like the US, UK, and South Africa to facilitate financial transformation without manipulation.

“This innovative trend was adopted in Nigeria a few years ago to curb financial hook-ups and address daily challenges customers face to access funds.

“It was noted that Sections 1 and 2 of the Central Bank of Nigeria, Act 2007, empower the Central Bank of Nigeria to regulate commercial banks and advise the government on financial issues to achieve good governance.

“The House worried that the POS operators are now selling naira notes at exorbitant prices of one thousand for three to four hundred naira, while ten thousand naira goes for four thousand naira, thus causing concern among citizens currently experiencing economic hardship. It was cognizant of the need for the government to utilize its relevant authorities under the Central Bank of Nigeria Act 2007 to supervise Commercial Banks and advise on financial matters, including regulating Point of Sale operators, this will validate public confidence and address the hardships faced by citizens in Nigeria’s financial transactions” he said.