The house of representatives has mandated its Committee s on banking regulations, institutions as well as digital and electronic banking to commence full investigation into the the Sale of Naira Notes by the Point of Sale (POS) Operators in Nigeria.
This was sequel to the adoption of a motion by a member from Bauchi state Mohammed Shehu, on the urgent need to stop the practice.
The Lawmaker stated that POS operators in Nigeria are now selling naira notes at exorbitant prices, 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.
Mr Shehu stressed 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 POS operators.
This he said will validate public confidence and address the hardships faced by citizens in Nigeria’s financial transactions.
Adopting the motion, the house gave the committee four weeks to report back to the house for further legislative action.
