Point of Sale (PoS) operators, under the aegis of the Association Of Mobile Money And Bank Agents In Nigeria (AMMBAN), have threatened to sue the Central Bank of Nigeria (CBN) if it fails to review its new policy on cash withdrawal limits.
Speaking with TheCable on Monday, Victor Olojo, National President of AMMBAN, said the policy may cause 1.4 million POS operators nationwide to lose their means of livelihood if the limits were not reviewed upwardly.
Olojo added that the operators also have families and employees who depend on them.
Under the new policy, the apex bank fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000.
Maximum cash withdrawal at POS terminals has also been reduced to N20,000 daily.
The policy is expected to take effect nationwide from January 9, 2023.
Further speaking on the position of the association, Olojo said AMMBAN is currently shelving embarking on legal action to protest the policy.
He explained that the decision was taken due to assurances that the CBN would make adjustments to it.
Olojo also said Godwin Emefiele, CBN governor, had assured that the policy would be flexible.
“Let me state this very clearly: AMMBAN is not a legal organisation. So, we also rely on lawyers. We have our lawyers and whatever advice they actually provide for us is something we also follow and abide by. We truly understand how precarious the situation is right now,” he told TheCable.
“Yes, going to court is actually an option on the table. But the CBN governor has come out to say that they would be flexible. We have also written to them and they have also assured us that they would get back in trying to adjust these things (cash withdrawal limits).
“The Senate has also made recommendations to the CBN. With all of these in play, the advice we are getting from our legal team is for us to actually give the CBN the benefit of the doubt by waiting for them to see how flexible they will be in terms of the feedback that they will be providing.
“We believe that the CBN listens, we believe that the ultimate goal of the CBN is to help Nigerians and not to make Nigerians feel more economic pain and hardship.
“So, we believe that the CBN has listening ears and they will certainly revisit these things to see what necessary adjustments they will be making.
“Ultimately, the CBN was set up by the government to serve the people and improve the economy. Certainly, they would work in that line.
“We still have going to court on our table but the advice we’ve gotten from our legal team is for us to await a response. I mean, if they remain to grandstand in their position, then we have no other choice, but this is what it is at this time.”