Naira Scarcity: CBN, ICPC Inspect POS Centres

A joint team from the Central Bank of Nigeria (CBN) and Independent Corrupt Practices (ICPC) has started the monitoring of circulation of the new notes in the Federal Capital Territory, Abuja.Information Guide Nigeria

According to LEADERSHIP, the joint team started the on-the-spot inspection on Tuesday

The team visited fuel stations, supermarkets, and Point of Sale (PoS) operators in Abuja

Speaking, the managing director of Nirsal Microfinance Bank, Abubakar Kure who lead the team on inspection to various parts of the FCT, said the monitoring exercise was conducted as a result of the complaints from banks that most of their customers were not making cash deposits anymore, pointing to the fact that their bigger customers are oil service stations and super markets.

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“We want to actually establish this fact if there’s possibility of cash transaction between the Point of Sales and the Oil services stations as claimed and what happened to the cash they have collected.

“But what we have seen here, there’s much improvement from what we observed the previous day, that there are much transaction via pos and transfer.”

In an exclusive interview with LEADERSHIP, Mr Kure said: “The only complaints we got from them is that some times their sales are down due to network issues. When POS are down, customers will be stranded unable to pay their transactions so they experience so much decline in the process.

“They appeal and we are also appealing to Banks to improve their network facilities as to also help to achieve this objective of cashless policy so that people will be used to electronic transaction or paying through electronic services.”NYSC portal

He added that if banks could improve on their networks and transfers are made at ease, the policy will be a welcomed development.

Mr Kure encouraged them to open bank accounts for their customers, while advising Nigerians not to hoard the old notes, with a promise to make the banknotes more available.JAMB Result