POS OPERATORS AND OTHERS WHO CHARGE UNREASONABLE FEES WOULD BE DETAINED AND PROSECUTED, THE CBN PROMISES.

The CBN has threatened to pursue legal action against Point of Sale (PoS) providers that overcharge for transactions in an effort to take advantage of the country’s present cash shortage.

In a meeting with diplomats on February 14, CBN Governor Godwin Emefiele made this statement.

Emefiele acknowledged the drawbacks of the naira redesign strategy, including as hoarding and increased agitation, but vowed to pursue PoS operators that charge more than the allowed amount.

Additionally, Mr. Joseph Omayuku, Director of the Governor’s Department at the CBN, issued a warning on Monday, February 13 to anyone posing as payment agents while not authorized to do so with the express intent of exploiting Nigerians. Speaking in Yenagoa, Bayelsa State, Omayuku warned that owners of supermarkets and gas stations who previously permitted electronic transfers but now only accept cash payments risk arrest.