The Central Bank of Nigeria (CBN), Yenagoa Branch, said it would commence taking up bullish actions against operators of point of sales outlets(POS), banks and other service providers who refuse to render services in consonance with its financial rules and regulations governing the cashless economic policies.
The Tide gathered this during a media briefing held at the instance of the Director, Governor’s Department of the CBN, Mr Joseph Omayokun, at the Yenagoa branch office of the bank.
Omayokun alleged that some fifth columnists may have hijacked the apex bank’s motive of the redesigned new Naira notes.
He expressed regret that the fifth columnists have subjected Nigerians to untold hardship, even as the apex bank has continued to work within the confines of the extant laws and regulations establishing it, to ameliorate the cash crunch issue bedeviling the nation.
He warned against criminal elements and perpetrators of fraudulent acts in the course of carrying out financial transactions following the rampant artificial scarcity of the new and old notes.
He noted that prior to the introduction of the new notes, and stating of time lines within which the old notes would stop being legal tenders, the apex bank had injected substantial amount of the newly redesigned notes into circulation.
The CBN Director emphasised that what the bank has brought into circulation was enough to take care of economic activities in the nation
He said he would convene a meeting with the various banks operating in the state with a view to proffer workable solutions to some of the likely difficulties occasioned by the cash crunch in the banking sector.
“Prior to the CBN’s intitial timelines on when the old Naira notes would cease being legal tender, the apex bank injected substantial amount of the newly redesigned notes into the financial sector.
“Unfortunately, there seem to be a fifth columnist in the banking sector who never wanted the rationale behind the CBN Naira redesign and cashless policies to be achieved.
“Any bank or staff of a bank in the state caught engaging in hoarding cash would be arrested and prosecuted. For the POS operators, the maximum amount they’re expected to charge on customers for a transaction of N10,000 was not supposed to be more than N200,” he said.
“From information at our disposal, POS agents now charge between N1,000 and N2,000 for a transaction of N10,000. This is disheartening.
“Even the petrol stations and other business operators who used to accept electronic transfer as options for payment by customers too are now rejecting it upon the introduction of the newly redesigned notes. They’ve all resorted to cash payments, just to undermine and frustrate the CBN’s cashless policy.
“It’s fraudulent, the public should report any POS operator who charges more than the maximum amount expected as charges on customers of any business outfit who rejects any of the extant electronic option of payment from customers, and be rest assured that the CBN wouldn’t only arrest, but also prosecute such persons.
“The general public should also know that not all POS operators were licensed to operate as cash withdrawal and deposit agents.
“Some POS outlets were only registered to use POS as means for electronic payment in their supermarkets and other businesses, but upon the introduction of the redesign notes, almost all POS agents from information available were now operating as deposit and withdrawal points just to defraud customers with the illegal charges they get from their illegal transactions.
“Going forward, we’d be bullish on these set of fraudulent elements”, the apex bank added.

By; Ariwera Ibibo-Howells, Yenagoa