Naira Swap: CBN Threatens To Prosecute PoS Agents Charging Above N200

• The CBN has warned PoS agents against charging above N200.

• The CBN has also threatened to arrest and prosecute offenders.

• Mr Joseph Omayuku, the Director of the Governor’s Department, CBN, stated this on Monday while briefing journalists in Yenagoa, Bayelsa State.

EKO HOT BLOG reports that the Central Bank of Nigeria has pledged to crack down on the point of Sale (POS) operators who are exploiting the public by acting as payment agents.

The apex bank described such unaccredited payment agents as fifth columnists whose activities constituted economic sabotage, saying that it would carry out sting operations around the country this week to arrest and prosecute them.

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The Director of the Governor’s Department, CBN, Mr Joseph Omayuku, who stated these while briefing journalists in Yenagoa, Bayelsa State, on Monday evening, said the sharp practices were discovered after reviews of the implementation of the policy.

He said that these PoS operators also engage in the selling of naira notes for naira notes to buyers amidst the rejection of online payments by some business operators, including petrol stations and supermarkets.

Omayuku said, “Further reviews have indicated that it does appear as if there are fifth columnists operating in this system, and these fifth columnists, as it appears, are anybody that has PoS access. Several of them have now taken to the unfortunate activity of turning themselves to payment agents.

“So you find out that even next to petrol stations, their agents or PoS operators next to them are there who you will go to, to sell money to you and you take that money to go and buy petrol; and not just petrol stations, in short, everywhere.

“From this week, there will be very sting operations around the country. Because this (selling of naira) is the incentive. The incentive is that they can sell our currency to us, which is not supposed to be. You cannot be selling naira to us.”

He said the CBN also frowned on the exorbitant commissions on transactions that payment agents collect from customers as against the approved charges, describing their activities as fraudulent.

Omayuku further said, “The operational arrangement for payment agents is that they take a commission for transaction and this commission is not more than N100 or N200 for transaction of up to N10,000.

“But we have heard of cases where people are being charged N1,000 or N2,000. This is certainly fraudulent; this is rogue operation.

“The management of the CBN and the leaders of the country do not subscribe to any logic that will allow people to operate like this. So, the security agencies will be very active this week, going forward.”

He warned those engaged in illegal practices to turn a new leaf and advised members of the public to report perpetrators by contacting the CBN Contact Centre on 07002255226; Telephone Ext: 711025 – 7; [email protected] and its social media handles.

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The CBN official also debunked claims that the existing online platforms were not effective in supporting a large volume of economic activities, stressing that the challenges associated with the online system “are not as bad as to warrant rejection of transfer payments.”

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