The Central Bank of Nigeria (CBN) has mandated payment service providers (PSPs) to route all point of sale (POS) transactions through its licensed Payment Terminal Service Aggregators (PTSAs) to standardize operations across the industry.

The directive, issued in a circular dated September 11, 2024, and made public on Thursday, is aimed at ensuring consistent technical and operational standards for POS devices used at merchant and agent locations.

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According to the CBN, PTSAs play a crucial role in certifying POS terminals, ensuring their functionality and availability.

As part of the new regulation, PSPs are required to integrate their systems with the CBN-approved PTSAs, which include the Nigeria Interbank Settlement System Plc (NIBSS) and Unified Payment Services Limited (UPSL).

The apex bank has given PSPs 30 days to comply with the new directive and report their compliance to the CBN within that period.

The circular reads, “In order to achieve the objective of tracking electronic transactions in Nigeria, the Central Bank of Nigeria (CBN) in August 2011, granted a Payment Terminal Service Aggregator (PTSA) licence to Nigeria Interbank Settlement System Plc (NIBSS),” the apex bank said.

“As part of efforts to mitigate the concerns regarding channelling Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).

“In furtherance of the above, the CBN hereby directs as follows: acquirers are henceforth required to route all transactions from PoS terminals at merchant and agent locations, whether on physical or electronic PoS terminals, through any CBN-licensed Payment Terminal Service Aggregator (PTSA).

“PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN.

“All licensed Processors must be integrated with both PTSAS, thereby allowing Acquirers the flexibility to choose which Processor(s) and PTSA to utilize

“All Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices. Applications are configured to route transactions through any PTSA, as directed by the Acquirer.

“All PTSPs shall submit monthly returns to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used to route the corresponding transactions.

It added “Each PTSA is required to submit monthly returns to the CBN, detailing all transactions processed through their platforms.”

In addition, the financial regulator announced that all PSPs and PTSAs must submit their monthly reports to the CBN’s Director of the Payments System Management Department within seven days after the end of each month.

The CBN has advised PSPs and aggregators to adhere to this requirement, warning that failure to comply will result in appropriate sanctions.

In a dramatic turnaround, the Naira significantly appreciated against the dollar at the foreign exchange market on Wednesday, just 24 hours after experiencing a decline.

According to data from FMDQ, the Naira surged to N1,555.75 per dollar, representing an impressive N81 gain from the previous day’s rate of N1,637.59.

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This remarkable recovery not only erased the N57.13 depreciation recorded on Tuesday but also surpassed it, indicating a strong rebound for the Nigerian currency.

Confirming the development, Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, revealed that the Naira traded at N1,650 per dollar on Wednesday, up from N1,660 on Tuesday.

The foreign exchange market also witnessed increased activity, with transaction turnover rising to $221.24 million on Wednesday, a significant jump from $197.37 million on Monday.

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has announced that he will no longer engage with the media on Nigeria’s economic crisis.

Moghalu cited the government’s lack of interest in his expertise as the reason for his decision.

The former CBN chief’s announcement comes as Nigeria grapples with severe economic hardship and hunger, exacerbated by the government’s policies, including the floating of the Naira and removal of fuel subsidies.

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Moghalu’s decision has sparked concerns about the government’s willingness to listen to expert advice on economic matters.

Financial analyst Kalu Aja has also criticized the administration’s handling of palliatives, noting that it took them a year to address food imports and that promised CNG buses have yet to materialize.

Moghalu explained his absence from media interviews, stating that he has already shared his insights on reviving Nigeria’s economy and sees no value in repeating himself.

He said, “I’ve declined virtually all requests for interviews on the Nigerian economy from Nigerian media over the past several months. Why? There is no point in a dialogue of the deaf. I’ve already spoken a lot about how to fix Nigeria’s economy. Anyone interested can find what I’ve said.

“It’s ironic that people like us who actually do not need Nigeria and its economy for our personal survival are so concerned simply out of passion for our country, but after a while, we must recognize the harsh truth and act accordingly.”