The Central Bank of Nigeria (CBN) has taken steps to combat the issue of Point of Sales (PoS) operators who sell, issue, or charge above the approved rates. The CBN has released an emergency number and email address for Nigerians to report such illegal and illicit practices.

The regulatory bank had previously set limits of N200 for withdrawals of up to N10,000 and N100 for withdrawals of N5,000 and below. Joseph Omayuku, the CBN Director of Governors’ Department, warned syndicates engaging in the illegal practice of charging exorbitant costs for naira notes to cease such activities.

Omayuku urged the public to report defaulting PoS agents by contacting CBN via its email address, contactcbn@cbn.gov.ng, or calling 0700 225 5226 and telephone extension number 711025. The CBN has also encouraged Nigerians to use its social media handles to report any PoS operators who engage in such fraudulent activities.

Nigerians have complained that PoS operators have been exploiting the scarcity of naira notes to defraud them.