CBN Promises To Punish PoS Operators For High Fees

Point of sale (POS) providers who impose excessive fees on transactions will face legal action, according to the Central Bank of Nigeria (CBN).

Point-of-sale (PoS) operators who charge excessive fees for transactions will face legal action, according to the Central Bank of Nigeria (CBN).

This was said on Tuesday by CBN Governor Godwin Emefiele during a meeting with diplomats.

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

Emefiele acknowledged that although Nigerians are facing difficult circumstances, they shouldn’t be made to seem worse, especially by those in positions of authority who wish to spread fear.

The head of the apex bank reaffirmed the advantages of the redesigned naira, claiming that it has contributed to lower inflation and is causing exchange rates to moderate.

Mr. Emefiele pleaded with Nigerians and the diplomatic community to accept the strategy.

He pointed out that even though the changeover to the new naira notes may be difficult, there are many advantages and a cashless policy will result.

There is no turning back from the deadline of February 10th, according to the CBN chief.

Emefiele also gave them a quick overview of the state of the economy in the country, but he expressed concern about rising inflation, which he blamed on unrest, election-related expenditure, and the impact of the global market on the economy.

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He estimated that the country’s growth rate will be 3.6 percent in 2023, stating that the economy will grow at a slower pace due to the lack of petroleum goods, higher expenditure that is being limited, and rising debt levels.

Zubair Dada, the minister of state for foreign affairs, said during his remarks that the need for the conference arose from efforts to inform the corps about the government’s economic policy as it relates to the redesign of the naira.

He reaffirmed the Federal Government’s commitment to assisting them in carrying out their responsibilities without difficulty as it works to improve their situation.