CBN Issues Phone Number, Email Address to Report PoS Operators Charging Higher Than Approved Rate

CBN Issues Phone Number, Email Address to Report PoS Operators Charging Higher Than Approved Rate

  • The Central Bank of Nigeria has issued guidelines to Nigerians on how to report PoS operators charging a higher than the stipulated rate
  • The CBN said it has pegged PoS charges at N200 for withdrawals of N10,000 and N100 for N5,000 and below
  • The apex bank also warned those selling or trading the naira notes to desist from the practice

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The Central Bank of Nigeria (CBN) has released steps, an emergency number, and an email address where Nigerians could report Point of Sales (PoS) operators selling, issuing, or charging above the approved rates.

The apex bank had pegged N200 for withdrawals of up to N10,000 and N100 for withdrawals of N5,000 and below.

CBN, guidelines, PoS Operators
CBN asks Nigerians to report PoS operators charging higher than the directed rates. Credit:Bloomberg / Contributor
Source: Getty Images

CBN warns PoS operators over high charges

Reports say CBN Director of Governors' Department, Joseph Omayuku warned syndicates engaging in the illegal and illicit practice of selling the naira notes and charging exorbitant costs to desist.

Read also

Banks Say CBN issued more old notes as new naira notes dry up, disobey Supreme Court order on withdrawal limit

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Omayuku told the public to report defaulting PoS agents by contacting CBN on 0700 225 5226 and telephone extension number 711025 via its email address:

The regulatory bank also urged Nigerians to use its social media handles to report PoS operators.

Nigerians have reported that PoS operators have gone rogue and taken advantage of the naira scarcity to rip them off.

Customers who spoke with said that the operators charge as high as 300%, way above the CBN rate.

Confidence Obiajulu said she was shocked when a PoS operator told her she would charge N700 for an N2000 withdrawal.

“I had no choice because the operator was the only person available at the time and in that place,” she said.

PoS operators blame the high charges on the scarcity of naira notes, stating that they keep vigil at ATMs to access the cash.

Read also

Bankers explain the reasons behind continued cash scarcity despite CBN's directive on old naira notes

Reprieve still Nigerians lament cash scarcity

Nigerians got a reprieve on Monday, March 13, 2023, after the CBN directed commercial banks to begin to dispense the old naira notes to customers.

The move follows President Muhammadu Buhari’s denial that he did not ask the apex bank and Justice Minister Abubakar Malami to disobey the Supreme Court Judgment extending the validity of the old naira notes to the end of December 2023.

As of Tuesday, March 14, 2023, bank customers said they could not access the old naira notes or received limited cash via the ATMs except for a few banks which paid them over the counter.

Banks said they are still waiting to receive the old naira notes from CBN despite its directive.

They said they had dispensed only the notes left in their vaults since February when CBN declared the old notes illegal.

Despite the hardship with the redesign policy, there are still complaints of hitches in online payment platforms of banks leading to failed transactions.

Read also

Banks begin payment of old naira notes to customers, set withdrawal limits as they await CBN supply

CBN caves, reintroduces old N500, N1000 notes into circulation after Buhari's statement reported that the Central Bank of Nigeria said the old N500 and N1000 notes are now legal tender.

The CBN said that in a statement released Monday, March 13, 2023.

The statement comes after Buhari said it did not direct the CBN Governor, Godwin Emefiele, and Attorney General of the Federation, Abubakar Malami, to disobey Supreme Court Ruling.


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