**Vows to Prosecute POS Operators Charging High Fees
By Aduragbemi Omiyale
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has warned against the hoarding of new Naira notes, noting that those involved in this would be severely punished.
Mr Emefiele, speaking on Tuesday at a meeting with some diplomats in Abuja, said the bank was making efforts to ease the tension caused by the Naira redesign policy.
The decision of the central bank to redesign the N200, N500, and N1,000 currency notes has put Nigerians through untold hardship.
Many Nigerians have not been able to withdraw their funds from banks because of the scarcity of cash in the financial system.
On January 29, 2023, Mr Emefiele, while addressing newsmen in Daura, Katsina State, said the bank had been able to mop up about N1.9 trillion of the old banknotes from the system and was expecting to retrieve about N900 billion.
It was later speculated that the CBN only printed between N300 billion and N500 billion of the new notes, resulting in the cash crunch witnessed n the country in the past weeks.
But the central bank has assured members of the diplomatic corps that efforts are being made to bring the situation under control.
He explained that the policy was designed to boost the country’s economy, appealing for patience, pointing out that the bank was determined to deepen its cashless policy.
During the meeting, Mr Emefiele emphasised that law enforcement agencies would not hesitate to arrest “those who disrespect the Naira.”
He maintained that the February 10, 2023, deadline for the cessation of the legal status of the old Naira notes has not changed.
The CBN chief also warned that Point of Sale (POS) operators charging their customers exorbitant fees on transactions would be arrested by security operatives and prosecuted.
