CBN Withdrawal Policy: PoS Operators Threaten Legal Action

Point of Sale (PoS) operators under the umbrella of the Association of Mobile Money and Bank Agents of Nigeria have threatened a legal suit against the Central Bank of Nigeria (CBN) over its recent withdrawal limit policy.

Mixed reactions have been trailing the controversial policy which limits over-the-counter cash withdrawals by individuals and companies to N100,000 and N500,000, respectively, per week.

Reacting to it, PoS operators disclosed that they may be forced to engage the services of popular Nigerian lawyer and activist Femi Falana to institute legal action against the apex bank if the decision is not reversed.

In an interview with Punch, the National President of the association, Victor Olojo, revealed that plans have been concluded to initiate the suit against CBN.

“The first option is to write to Falana to represent AMMBAN in the legal action about to be initiated.

"While the second option is to get another lawyer to apply to the court, maybe after the suit has been filed, and make AMMBAN an interested party in the suit", he stated.