Governor of the Central Bank of Nigeria Godwin Emefiele has threatened to arrest and jail POS operators who charge more than N200 for cash withdrawals.
Tuesday, during a visit to the Ministry of Foreign Affairs to discuss the bank’s monetary and currency reform initiatives, Emefiele made this statement.
The governor of the CBN said that extending the February 10, 2023 deadline was unnecessary.
With the introduction of over-the-counter payments to complement ATM disbursements and the use of super-agents, the situation has substantially improved, he continued.
“Therefore, it is unnecessary to consider deviating from the February 12 deadline.”
Remember that the Supreme Court had previously prohibited the Federal Government from enforcing the February 12 deadline for currency swap.
A seven-member Supreme Court bench led by Justice John Okoro granted an injunction blocking the Federal Government, the Central Bank of Nigeria, and commercial banks from enforcing the Friday expiration date for old naira notes.
However, the CBN governor reaffirmed that there was no need to extend the deadline.
POS agents who charge more than N200 for currency transactions would be detained and punished, he said.
In lieu of charging customers a higher fee, the governor of the CBN suggested that point-of-sale (PoS) operators should contact the CBN to be reimbursed for any extra expenses incurred in procuring the new notes.
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