Business
CBN gives PoS operators one month to use aggregators
The Central Bank of Nigeria has directed that all Point of Sale operators (POS) must route transactions through licensed payment terminal service aggregators.
A circular posted on the CBN’s website on Thursday stated that the move was aimed at enhancing the tracking and management of electronic transactions in the country.
“As part of efforts to mitigate the concerns regarding channelling all Point of Sale transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited.
“In furtherance of the above, the CBN hereby directs as follows: 1 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 PTSAs are required to send PoS transactions to only Processors certified by the relevant Payment Scheme, nominated by the Acquirer and licensed by CBN,” the apex bank noted.
It noted that the Nigeria Interbank Settlement System Plc was granted a PTSA licence in 2011 to handle the aggregation of PoS transactions.
However, to address concerns about routing all transactions through one aggregator, the CBN granted a second PTSA licence to Unified Payment Services Limited earlier this year in April.
“To achieve the objectiveof tracking electronic transactions in Nigeria, the Central Bank of Nigeria in August 2011, granted a Payment Terminal Service Aggregator licence to Nigeria Interbank Settlement System Plc.
As part of efforts to mitigate the concerns regarding channelling all Point of Sale transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited.
The CBN has instructed that all acquirers, the institutions responsible for processing payments from PoS terminals, must channel transactions through any of the two licensed aggregators.In addition, licensed processors are required to integrate with both PTSAs to give acquirers the flexibility to choose their preferred service providers.
It noted that payment terminal service providers, responsible for deploying and managing PoS terminals, must ensure their devices and applications are configured to work with any PTSA chosen by the acquirers.
According to the CBN, PTSPs are also required to submit monthly reports to the CBN, detailing the number of merchants and agents they manage, as well as the PTSA services used.
Similarly, the CBN has mandated that each PTSA submit monthly reports of all transactions processed through their platforms.
The apex bank ordered that the reports must be submitted to the director of the Payments System Management Department within seven days after the end of each month.
The CBN urged all PSPs to regularise their operations with the PTSAs within 30 days, warning that non-compliance with the directive would attract appropriate sanctions.
Business
Manufacturers Association Call for Suspension of NESREA’s Proposed Ban on Single-Use Plastics Below 80 Microns Pending Regulatory Impact Assessment
Kenya’s polybag industry, for example, remains significantly diminished years after the ban, and has left the industry sector uncompetitive.
The Manufacturers Association of Nigeria (MAN) has expressed deep concern over the proposed implementation of the National Environmental (Plastic Waste Control) Regulations 2026 by the National Environmental Standards and Regulations Enforcement Agency (NESREA).
The Regulations seek to prohibit the production and use of single-use plastic products below 80 microns in thickness pursuant to Section 26(1), impose taxes on shopping bags with wall thicknesses ranging from 30 to 50 microns under Section 26(2), and restrict a wide range of plastic products listed in the Eleventh Schedule.
Segun Ajayi-Kadir, MAN Director -General notes that the proposed measures could significantly disrupt industrial production, undermine investments in the plastics value chain, threaten thousands of direct and indirect jobs, and impose substantial socio-economic costs on manufacturers and consumers alike.
According to him, MAN, while recognizing the need to address environmental pollution and promote sustainable waste management practices, believes that the proposed regulation is premature, lacks sufficient empirical justification, and poses significant risks to Nigeria’s economy, industrial sector, employment landscape, and the livelihoods of millions of citizens.
NNPAP Plastic Circularity Roadmap
The Association notes that the Federal Government, through the National Plastic Action Partnership (NNPAP), developed a comprehensive Plastic Circularity Roadmap in 2024 in collaboration with the Federal Ministry of Environment.
The roadmap provided a strategic framework for achieving plastic waste reduction through enhanced collection systems, recycling infrastructure, Extended Producer Responsibility (EPR), circular economy initiatives, public awareness campaigns, and investments in waste management.
Unfortunately, many of the critical recommendations contained in that roadmap are yet to be fully implemented.
It is therefore difficult to understand why the government is proceeding with a new prohibition regime without first evaluating the effectiveness of existing measures and implementing the agreed roadmap designed specifically to address plastic pollution in a sustainable and inclusive manner.
More importantly, there has been no publicly available assessment of the impact of previously restricted single-use plastic products in Nigeria.
There is no evidence showing the extent to which earlier bans have reduced environmental pollution, improved waste collection rates, enhanced recycling performance, or changed consumer behavior.
Public policy should be driven by evidence, measurable outcomes, and stakeholder consultation rather than assumptions.
International Evidence:
A Critical Asymmetry
International experience shows that banning thin plastic bags and other thin plastic products without adequate recycling infrastructure rarely delivers the intended environmental outcomes.
Kenya’s 2017 ban led to factory closures and job losses, yet banned bags continue to circulate through smuggling. Bangladesh’s 2002 ban remains largely unenforced after two decades, while South Africa and India experienced only temporary reductions before usage rebounded.
By contrast, countries such as Germany, South Korea, and the Netherlands have achieved high recycling rates through Extended Producer Responsibility (EPR) systems without disrupting local industry or increasing the daily cost of living.
A critical lesson from these experiences is the asymmetry of the risks involved.
First, when enforcement weakens, plastic consumption returns.
Demand for affordable, lightweight packaging is structural, and thin bags inevitably re-enter the market through informal channels, imports, and cross-border trade.
The anticipated environmental gains are therefore short-lived.Second, the domestic industry does not recover as easily.
Closed factories, displaced workers, lost investments, broken supply chains, and abandoned export markets are not automatically restored when policies are relaxed.
Kenya’s polybag industry, for example, remains significantly diminished years after the ban, and has left the industry sector uncompetitive.
Third, the country becomes increasingly dependent on imports. Products once manufactured locally are sourced from abroad, consuming scarce foreign exchange while eroding domestic employment, tax revenues, and industrial capacity.
Economic Implications
The proposed ban raises serious concerns regarding its economic implications.
Nigeria’s plastic manufacturing industry remains one of the country’s largest and most significant light manufacturing sectors, supporting hundreds of manufacturing facilities, thousands of small and medium enterprises, and an extensive value chain that stretches from petrochemicals and packaging to food processing, pharmaceuticals, retail trade, agriculture, logistics, and recycling.
The implementation of an 80-micron threshold would require substantial changes in manufacturing processes, machinery configurations, and raw material consumption.
Such changes could render existing investments obsolete, increase production costs significantly, reduce competitiveness, and expose manufacturers to substantial capital losses.
The consequences extend beyond manufacturers. Increased production costs will inevitably be passed on to consumers, many of whom are already grappling with unprecedented inflationary pressures and declining purchasing power.
Small businesses, market traders, food vendors, and informal sector operators who rely heavily on affordable packaging solutions will face additional operational costs, with potentially severe implications for business sustainability and household welfare.
Furthermore, the proposed regulation may inadvertently accelerate deindustrialization by increasing dependence on imported alternatives and imported raw materials.
At a time when Nigeria is pursuing industrialization, job creation, import substitution, and export diversification, policies that undermine domestic manufacturing capacity should be carefully reconsidered.
The Association is equally concerned about the potential impact on government revenue.
Reduced industrial output, factory closures, declining investments, and job losses would inevitably affect tax revenues, customs duties, value-added tax collections, and other fiscal contributions generated by the manufacturing sector.
Environmental sustainability remains a shared objective.
However, international experience has consistently demonstrated that sustainable outcomes are achieved through effective waste management systems, recycling infrastructure, circular economy initiatives, and strong enforcement of anti-littering regulations, not through blanket prohibitions alone.Plastic pollution is fundamentally a waste management challenge.
The problem lies not in the material itself but in inadequate collection, sorting, recycling, and disposal systems.
Addressing these systemic deficiencies should remain the priority of public policy.
The Manufacturers Association of Nigeria, therefore, calls on NESREA and the Federal Government to:
Suspend the implementation of the proposed ban on single-use plastics below 80 microns pending a comprehensive Regulatory Impact Assessment (RIA);
Conduct an independent assessment of the environmental, economic, social, fiscal, and employment implications of the proposed regulation;
Evaluate the outcomes and effectiveness of previously implemented plastic restrictions before introducing additional prohibitions;
Fully implement the recommendations contained in the 2024 NNPAP Plastic Circularity Roadmap.
Strengthen the Extended Producer Responsibility (EPR) framework and accelerate investments in recycling and collection infrastructure;
Establish a broad-based stakeholder working group comprising government agencies, manufacturers, recyclers, academia, consumer groups, environmental organizations, and development partners to develop a practical and evidence-based transition strategy.
Nigeria must pursue environmental sustainability without sacrificing industrial growth, economic competitiveness, employment, and social welfare.
Effective regulation should strike a balance between environmental protection and economic development.
The Association remains committed to working collaboratively with government and all stakeholders to advance practical, science-based, and economically sustainable solutions to plastic waste management in Nigeria.
Plastic pollution should be addressed at its source through effective waste management and resource recovery systems.
The challenge lies not in the production of plastics, but in the inefficient collection, sorting, recycling, and disposal of post-consumer waste. Sustainable environmental outcomes will be achieved through stronger waste management infrastructure, expanded recycling capacity, enforcement of extended producer responsibility regulation, and greater public awareness, rather than through measures that restrict production without addressing the underlying causes of pollution.
Business
Naira Exchange Rates Monday, June15, 2026
Black Market Rates
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,363. 83
GREAT BRITISH POUND (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,393 Sell ₦1,400
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1,185 Sell ₦1, 605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
Exchange Rates Today Friday, 12 June
Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850
Official CBN Exchange Rates
US Dollar (USD) ₦1,363. 83
Great British Pound (GBP) ₦1,821. 25
EURO (EUR) ₦1,572. 90
SWISS FRANC (CHF) ₦1,706. 49
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦201.20
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,857. 45
SAUDI RIYAL (SAR) ₦363. 29
SOUTH AFRICAN RAND (ZAR) ₦82.61
Black Market Rates
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 380 Sell ₦2, 460
Central African CFA Buy ₦2, 220 Sell 2,300
Australian Dollar Buy ₦800 Sell ₦900
-
Opinions3 days agoDemocracy Still Struggling 33 Years After June 12, PDP Laments by Comrade Ini Ememobong
-
Crime2 days agoBREAKING: Retired General Dies in Kidnappers’ Captivity, Demand Release of Gang Members
-
Sports8 hours agoWorld Cup: Sweden beats Tunisia 5-1
-
Crime2 days agoBandits Kill 19 Farmers, Injure 12 Others in Fresh Attack in Zamfara
-
Sports2 days agoBalogun: This is something I dreamed of for a long time
-
Sports3 days agoFIFA World Cup Day 2: Canada holds 1-1 Bosnia-Herzegovina
-
Sports2 days agoFIFA World Cup 2026 Day 3: Qatar draws Switzerland 1: 1
-
News8 hours agoDHQ vows justice for slain retd Gen Rabe
