EFCC Arrests PoS Operators in Ondo For Selling Naira And Racketeering
- The Economic and Financial Commission (EFCC) has caught 80 Point of Sale (PoS) operators
- The arrests occurred in Akure, the Ondo State capital, on Saturday, March 25, 2023.
- An eyewitness said that some of the operatives came disguised as ordinary customers and arrested the PoS agents
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About 80 Points of Sale (PoS) Operators suspected of being involved in naira racketeering and selling the naira have been arrested in Ondo State by the Economic and Financial Commission (EFCC).
It was gathered that the agency's operatives carried out the operation in Akure, the state capital.
EFCC operatives disguised as customers
The officials reportedly went around the state capital, where the operators were nabbed for selling the naira at higher rates to customers.
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Vanguard reports that the development has caused many PoS operators to flee the area.
PoS operators have engaged in naira racketeering by buying cash from the banks and selling to customers at higher rates.
According to an eyewitness, operatives of the commission visited the famous Oja-Oba market along Adesida Road in Akure and arrested the agents.
PoS operators charge 30% on every transaction
Other witnesses described the incident, saying the EFCC agent disguised as a customer watched how the PoS operators sold the naira.
"As at the time the transaction was made, I saw the woman signal to some men, and that was how I knew they were EFCC officials, and they whisked the agent away.
"But it is sad how the PoS vendors exploit residents because they see members of the public as not having another option since banks are not helpful.
Reports say the PoS operators charge as high as 30%.
CBN’s new move crashes PoS charges as naira scarcity reduces
Recall that Legit.ng reported that The bank said many commercial banks have picked up cash from its branches nationwide.
Despite persistent queues, feelers indicate that the cash crunch is easing up a little following the release of the old naira notes.
On Wednesday, March 22, 2023, CBN said it would flood the banks with the old naira notes it mopped during its naira redesign policy.