The First Deputy National President, Association of Senior Staff of Banks Insurance and Financial Institutions, ASSBIFI, Nike Joseph, has called for the arrest and investigation of Point of Sales, POS operators who claim to have bought the new naira notes from banks.
Joseph was reacting to allegations that bank officials sell the new naira notes to POS agents hence the reason why these agents charge customers exorbitantly for withdrawal.
“…They need to explain to Nigerians, Government needs to make arrests, without that we can’t get to the truth of the matter” she added.
The impact of the cash crunch is most felt at Point of Sales, POS, as some merchants charge as high as 1500 naira per 5000-naira transaction.
This is above the Central Bank of Nigeria, CBN approved 200-naira charge per transaction.
Joseph also denied the association is aware that bank managers are also involved in cash racketeering.