CBN to sanction PoS operators over high charges

The Central Bank of Nigeria (CBN) has vowed to prosecute point-of-sale (PoS) operators who collect exorbitant charges for transactions.

The CBN Governor, Godwin Emefiele, said this on Tuesday in his meeting with members of the diplomatic corps.

While acknowledging the inconveniences caused by the naira redesign policy, including hoarding and an elevated agitation, Emefiele promised to prosecute PoS operators who charge above the stipulated amount.

Emefiele admitted that while these are challenging times for Nigerians, they shouldn’t be exaggerated, especially by people in authority who want to create panic.

The apex bank boss reiterated the benefits of the naira redesign, arguing that it has helped reduce inflation and is leading to a moderation in exchange rates.

Mr. Emefiele appealed to the diplomatic corps and Nigerians to accept the policy.

He noted that while the transition to embracing the new naira notes may be challenging, its benefits are enormous and will lead to a cashless policy.

The CBN boss insisted that there’s no going back on the February 10th deadline.

Emefiele also briefed them on how the nation’s economy is faring but shared concerns about increasing inflation, which he attributed to insecurity, election spending, and the effect of the global market on the economy.

According to him, the nation’s growth rate is at 3.6 percent for 2023, noting that the economy will experience what he called subdued growth owing to the scarcity of petroleum products, increased spending that is being curtailed, and increasing debt levels.

In his remarks, the Minister of State for Foreign Affairs, Zubair Dada, explained that the meeting became necessary as part of efforts to inform members of the public of the government’s economic policy as it relates to the naira redesign.

He expressed the Federal Government’s commitment to ensuring that they go about their duties with ease, just as the government takes steps to ameliorate their plight.