Business

CBN threatens to arrest POS operators charging above N200

The Central Bank of Nigeria (CBN) has vowed to arrest and prosecute Point of Sale (POS) operators who charge above N200 for the apex bank’s cash swap programme.

The CBN Governor, Godwin Emefiele, said this during a visit to the Ministry of Foreign Affairs in Abuja on Tuesday.

Emefiele said PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new notes rather than charging a higher fee on customers.

The CBN boss added that the apex bank would not extend the February 10, 2023, deadline for the validity of old 200, 500, and 1,000 naira notes.

It would be recalled that the Supreme Court, last Wednesday, extended the deadline for the validity of the old denominations till Wednesday, February 15, 2023.

The apex court made the declaration after it adjourned the hearing of the case against the currency swap until February 15.

The apex bank announced plans to redesign the currency on October 26, 2022.

It later set December 15 as the official commencement date for the circulation of the new naira notes, which President Buhari unveiled on November 23, 2022.

The CBN later issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will attract processing fees of five per cent and 10 per cent, respectively.

The Star