PoS Operators Threaten Legal Action Over CBN Withdrawal Policy

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The Association of Mobile Money and Bank Agents of Nigeria, which represents point-of-sale (PoS) operators, has threatened legal action against the Central Bank of Nigeria (CBN) over the latter’s most recent withdrawal limit regulation.

The contentious policy, which restricts over-the-counter cash withdrawals by individuals and businesses to N100,000 and N500,000, respectively, every week, has drawn mixed reactions.

In response, PoS operators said that if the judgment is not overturned, they could be obliged to hire well-known Nigerian lawyer and activist Femi Falana to file a lawsuit against the apex bank.

Victor Olojo, the association’s national president, said in an interview that plans had been finalized to file a lawsuit 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

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