Naira redesign: PoS operators threaten to disown members caught 'selling' naira

Recall some of the agents have been accused of carrying out illicit acts of charging exorbitant amounts as charges for naira withdrawals since the Central Bank of Nigeria, CBN introduced the cash swap policy.

With the declaration by the Federal government that the older N1000 and N500 denominations will seize to be legal tender, a cross-section of Nigerians have reported difficulties getting the newer redesigned notes and PoS agents had taken advantage of the cash scarcity to increase their charges.

Before now, charges for withdrawing cash below N5000 attracted N100 while withdrawals from N5000 to N10,000 attracted N200 charges.

Ever since the scarcity of newly redesigned notes hit, some PoS agents have been seen to charge as high as N300 for transactions of N1000 - N2000 and up to N500 for transactions of over N5000. Some agents had even charged from N1000-N2000 for withdrawals of up to N10,000.

This prompted the CBN to issue a stern warning that PoS operators who charge above N200 for the cash swap programme will be arrested and jailed if caught.

This was confirmed by the Director, the Governor’s Department of the CBN, Joseph Omayuku, while briefing journalists recently.

“The operational arrangement for payment agents is that they take a commission for transactions and this commission is not more than N100 or N200 for transactions 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 a rogue operation” he added.

The Chairman of AMMBAN, Lagos chapter, Pastor Abiodun David in a statement made available by the Public Relation Officer, AMMBAN, Mr. Stephen Adeoye noted that the group disassociates itself from PoS operators “buying and selling” the naira.

“We are also sending a strong warning to members to please desist from any act that may land them in trouble and disrepute. Please note that CBN officials in conjunction with EFCC and DSS are out to fish out culprits.

“Anyone caught will be disowned by AMMBAN and will be left to face the penalty. AMMBAN as an association frowns at the act of buying or selling the Naira.” the statement said.