The banking system may collapse except the Central Bank of Nigeria stops the indiscriminate use of POS terminals for cash withdrawals by POS street operators.

The the POS street operators go to the banks to make huge cash withdrawals and do cash transactions with the public at exorbitant charges. This is strictly against banking procedure.

The Central Bank of Nigeria and indeed the Federal Government should as a matter of urgency institute stringent measures to curtail their exploitative practices please otherwise this may bring about the collapse of the banking industry in Nigeria.

Eti ya werey

Deep

Are you one of them?

If you are a street POS operator, please stop inflicting more pains on the suffering Nigerians. Stop being selfish and fraudulent. Charging even 10% on cash withdrawals is daylight robbery!

tamdun:
Eti ya werey

These are issues the efcc should be tackling but they are too busy arresting small boys with a couple core i3 laptop with iPhone 11s

TRUE.
EFCC must hear this!

dangoteinlaw:
These are issues the efcc should be tackling but they are too busy arresting small boys with a couple core i3 laptop with iPhone 11s

Tell cbn to mandate the so called banks to give automatic employment to pos operators as thier core staffs to curtail any threat they might pose to the collapse of the banks

imagrg:
The banking system may collapse except the Central Bank of Nigeria stops the indiscriminate use of POS terminals for cash withdrawals by POS street operators.

The the POS street operators go to the banks to make huge cash withdrawals and do cash transactions with the public at exorbitant charges. This is strictly against banking procedure.

The Central Bank of Nigeria and indeed the Federal Government should as a matter of urgency institute stringent measures to curtail their exploitative practices please otherwise this may bring about the collapse of the banking industry in Nigeria.

Nothing can be done except banning POS

Nobody forced you to withdraw from POS. Visit your bank or use ATM. Besides you can use transfer to make payment.

Nothing can be done about it since the country lack ATM at many locations. People in rural communities won't have to travel to the suburbs before they can access their cash. Also, this has provided some youths with job opportunities.

Imagine having to travel to the bank with transport of #300 when you can withdraw with same amount at the nearest POS.

CBN should stand up to her responsibilities by printing enough new notes to replace the one instead of shifting blames on the innocent POS operators.....First CBN ( Emeifele) claims it was the politicians that horded all the money in their houses. Therefore using that lame excuse to attack the likes of Tinubu and other prominent politicians even when it's obvious that the money is not in the bank vaults because of POS operators which there activities is encouraged by our government and CBN itself.

CBN after burning and shredding most of the naira in circulation, CBN (Emeifele's) new Naira policies can't even provide enough new Naira to replace the old naira as required by law, even though money was disbursed by the Federal government to CBN for that purpose.

please leave POS operators out of this

The CBN governor is most clueless CBN governor in the world right now. From engaging in politics to the extent of contesting for APC presidential ticket when it's obviously clear that our constitution is against such move as a CBN governor.

They weren't charging exorbitantly not until the naira became scarce. CBN should be blamed for everything. Almost all the POS agents in my area don't have cash as I speak. So where did they withdraw large amount of cash from?

I think the POS problem has come to stay because the CBN has opened the eyes of POS operators and the people that benefit from it.
This is how it works now. Whatever money that you spend for goods and services to market women, transporters and most small scale business don't go to banks anymore. Instead they are resold to POS operators at a gain which is then resold to the POS users at a gain too, and the cycle goes on and on. Visit any of your local market and see bundles of cash in the hands of market women and àbókis to see what I am saying.
I don't see it stopping soon unless the CBN print enough money, which in opinion is an unfortunate scenario, and people begin to patronize bank's ATM, and do more of transfers.

At this juncture, CBN should do everything within their reach to avoid something like a bank run because it is very likely at this period.

It's just a part of the plan that has been at least a year in the making. The POS cash-out vendors have been let to pseudo-organically grow into a virulent hydra by the CBN. Along with the other actors it's only a matter of time and the polity will combust from within, then their true intentions will be revealed. Good or bad.

imagrg:
Are you one of them?

If you are a street POS operator, please stop inflicting more pains on the suffering Nigerians. Stop being selfish and fraudulent. Charging even 10% on cash withdrawals is daylight robbery!

Instead of you to curse buhari that disrupted the money flow you are calling out pos

Who much do you want the POS to charge after standing for hours to get money

How many hours can you stand in the bank

Tinubu's penchant for bribing to have his way is the reason for all this problems of cash scarcity we are facing.
Had it been he didn't bribe politicians,judges,and even the military to do his bidding,there would not be a Naira redesign in the first place.
Imagine,Joe Biden bribed voters to win the election,he would have been in jail by now.

The menace is still on.

Traders now sell money to POS operators instead of taking it to the banks!