The Central Bank of Nigeria (CBN) says it will meet with the deposit money banks (DMBs) Mobile Money Operators (MMOs) and Telcos over excessive charges by Point of Sale (PoS) operators.
The CBN Governor, Godwin Emefiele, stated this while briefing the media on the implementation of the redesigned naira on Friday, in Lagos.
Following the scarcity of the redesigned naira notes, PoS operators are charging 10 percent of the amount a customer wants to withdraw.
He said the cash limit of N20,000 may be increased as time goes on, and that the ongoing charges by PoS operators should stop.
Emefiele called all Nigerians and the banking public to be calm and show more understanding as the country transits from old to new naira.
According to him the Bank is collaborating with the entire financial ecosystem DMBs, Other Financial Institutions, MMOs, Super Agents, Microfinance Banks, Payment System Providers and the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other law enforcement to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash.
Speaking further, he said, “We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance. As with all far-reaching consequential policies, there is a transition period during which short-term hiccups will be inevitably experienced but eventually overcome.
The CBN is committed to ensuring a seamless, inclusive and equitable implementation of this exercise for the overall benefit of the people, financial system, and Nigerian economy as a whole”.
