Business

Fake Alert: House Wants CBN To Introduce Stringent Regulations For POS Business

Published

3 years ago

March 3, 2022

The House of Representatives has called on the Central Bank of Nigeria (CBN) to put in place stringent measures to regulate the Point of Sale (POS) business Operations in Nigeria.

Moving the motion at the plenary on Thursday, Hon. Jimoh Olajide the POS is where customers make payments for products or services rendered.

He said due to many factors, POS has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country.

Olajide said, “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.”

The lawmaker expressed worry that POS merchants in Nigeria are not only licensed by Commercial Banks, other Private Companies are currently in the business of giving POS for business purposes, thus, making the business to be more porous and ambiguous.

Olajide argued that at the moment, no financial regulatory bodies in Nigeria can precisely ascertain the total number of POS machines and their Operators in the country.

He recalled that on December 21, 2021, a national daily reported an allegation by the residents of Aniocha South Local Government Area of Delta State alleging that the Aniocha branch’s Union Bank and First Bank Staff deliberately sabotaged the Banks Automated Teller Machines (ATM) on non-availability of cash, thus leaving customers with no choice to patronize the alleged Banks Staff owned POS Centres around the Banks.

Olajide said, “Worried that some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions. ”

The House urged, “the Central Bank of Nigeria (CBN) to, in the public interest, introduce stringent Regulations and Guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.”

It also mandated its Committee on Banking and Currency to organise stakeholders meeting for the purpose of tackling the menace of the Operation of POS in Nigeria.

Rep. Jimoh Olajide moved the motion on the urgent need to regulate the Point of Sale (POS) business operations in Nigeria and it was seconded by Rep. Muraina Ajibola.

The motion was voted on and adopted.

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.