As Naira scarcity lingers… Reps call on POS operators to stop selling currency notes

• Urge CBN to probe banks’ operation

By Christiana Ekpa

The House of Representatives on Thursday, passed a motion calling on Point-of-Sales (POS) operators in the country to stop selling naira notes.

The House equally urged the operators to immediately remove excessive charges to customers across the country.

This was as 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.

It mandated the Committees on Banking Regulations and, Digital and Electronic Banking to invite the Minister of Finance and National Planning and Budget and Governor of the Central Bank of Nigeria (CBN) to explain why commercial banks are not paying customers over the counter and ATMs.

These resolutions followed the adoption of 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.

The House noted that the POS machine was invented and produced to alleviate the financial transaction hook-ups emanating from the Commercial Banks in Nigeria

It also noted that financial transaction machines have significantly transformed the financial sector in the country by assisting the public in resolving banking challenges in Commercial Banks.

The House said it was aware that Point-of-Sales machines have been adopted in advanced countries like the US, UK, and South Africa to facilitate financial transformation without manipulation.

It added that this innovative trend was adopted in Nigeria a few years ago to curb financial hook-ups and address daily challenges faced by customers to access funds.

The House said it was aware that Sections 1 and 2 of the Central Bank of Nigeria, Act 2007, empowers the Central Bank of Nigeria to regulate commercial banks and advises 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 who are currently experiencing economic hardship.

The House said 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.