Reps tell POS operators to stop selling naira notes nationwide, give reasons

The house of representatives has asked Point-of-Sales (POS) operators to stop selling naira notes.

The lawmakers cited the excessive charges to customers amid persistent cash scarcity.

The lawmakers also mandated the committees on banking regulations and digital and electronic banking to invite the minister of finance and national planning and budget as well as governor of the Central Bank of Nigeria (CBN) to explain the ongoing cash scarcity.

Lawmakers react to cash scarcity

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, Punch reports.

The House urged the CBN to immediately commence proper monitoring and supervision of commercial banks’ activities daily to ascertain the extent of counter payment to customers.

Abba Shehu, in his motion, said: “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."