CBN Appoints Manufacturers for Point-of-Sale Terminals in Nigeria

As a prelude to the commencement of a Cash less Lagos, the Central Bank of Nigeria has appointed four manufacturers for the provision of Point-of-Sale (PoS) terminals for the Nigerian market. It listed the names of the appointed manufacturers as PAX Technology, Bitel, Ingenico and VeriFone “They were selected after a thorough process by a committee comprising key stakeholders in the payments system value chain. “The Bankers Committee is committed to deploying over 40,000 Point-Of-Sale terminals in Lagos by the end of December. This deployment is expected to create an enabling environment for the take-off of the new cash policy in Lagos State,” it stated.

—- Calls extraordinary meeting on Oct 10
The Central Bank of Nigeria will hold an extraordinary meeting of its monetary policy committee on Monday, a posting on its website said on Friday. The local naira currency hit its weakest point ever against the U.S. dollar on Wednesday in the inter-bank market and fell almost a further 2 per cent on Thursday. The naira strengthened on the inter-bank market on Friday after the central bank said it is to hold an extraordinary monetary policy committee meeting on Monday, traders said. The naira hit an all-time low on Thursday, dropping almost 2 per cent on the inter-bank market following comments by the central bank governor that it would not support the naira at all costs. “People are being cautious on the possible outcome of the MPC meeting and don’t want to be caught in the wrong side,”