At a meeting held at Government House in Benin City, the governor of Edo State, Mr. Godwin Obaseki, made a commitment to establish a Special Task Force in the state to address the excesses of Point of Sale (POS) agents who impose arbitrary fees on consumers following the cash crunch brought on by the Central Bank of Nigeria’s (CBN) currency swap policy. The meeting was attended by market women from the State’s three senatorial districts.
The governor informed the market women that they could transact with the money and use electronic bank transfers to pay for goods and services, despite the fact that their money was still in the bank.
“To put a stop to people selling money, we are forming a Special Taskforce comprising the CBN, the Department of State Services (DSS), various security agencies, government representatives, members of Civil Society Organizations (CSO), and market women.
“We will cease the license of any POS operator found to have increased the rate of changing money. POS operators are not limited to disbursing cash; they can also assist with money transfers.
“CBN is bringing more money but it will be sent to rural areas. For urban areas, we urge you to try and use your phone for transactions. Wherever you have them, your money is safe and not lost in any bank.”
According to the governor, payments for medical expenses, school fees, and other transactions will be made using the state identity card once it is fully implemented.
Dr. Blaise Ijebor, Director of Risk Management at CBN, Abuja, stated that CBN has agreements with banks that allow point-of-sale operators to exchange cash for customers.
He declared: “We will release the list of all POS operators who are expected to exchange money for you tomorrow. Please give the numbers we have provided a call if they charge you more than the going rate.
“We have an agreement with POS operators whereby we make money available to them, and we anticipate that they will release the funds and make them available to you at a predetermined price, no more.
Mrs. Elizabeth Osabuohien, President of the Ovia South West Local Government Market Association, thanked the governor for the meeting and urged the government and CBN to work together to make sure the people receive money instead of purchasing it on the black market.
The meeting is being attended by the state deputy governor, Rt. Hon. Comrade Philip Shaibu; bank managers in Edo State; Osarodion Ogie Esq., secretary to the state government; Hon. Osaigbovo Iyoha, chief of staff to the governor; Afishetu Braimoh, commissioner for business, trade, and cooperatives; and representatives from the Central Bank of Nigeria (CBN).
